Burgundy Asset Management Ltd. Cuts Stake in Northern Trust Corporation (NTRS)
Burgundy Asset Management Ltd. lowered its position in shares of Northern Trust Corporation (NASDAQ:NTRS) by 5.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,340,702 shares of the asset manager’s stock after selling 139,684 shares during the period. Northern Trust Corporation comprises about 2.0% of Burgundy Asset Management Ltd.’s portfolio, making the stock its 18th largest position. Burgundy Asset Management Ltd. owned approximately 1.02% of Northern Trust Corporation worth $202,658,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Mizuho Trust & Banking Co. Ltd. raised its position in Northern Trust Corporation by 0.5% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 334,643 shares of the asset manager’s stock worth $22,752,000 after buying an additional 1,637 shares during the last quarter. Southpoint Capital Advisors LP bought a new position in Northern Trust Corporation during the fourth quarter worth $89,050,000. AQR Capital Management LLC raised its position in Northern Trust Corporation by 34.6% in the fourth quarter. AQR Capital Management LLC now owns 384,734 shares of the asset manager’s stock worth $34,261,000 after buying an additional 98,832 shares during the last quarter. Cigna Investments Inc. New bought a new position in Northern Trust Corporation during the fourth quarter worth $700,000. Finally, Alyeska Investment Group L.P. bought a new position in Northern Trust Corporation during the fourth quarter worth $90,792,000. 82.90% of the stock is owned by institutional investors and hedge funds.
Northern Trust Corporation (NASDAQ NTRS) traded up 0.70% during midday trading on Friday, hitting $94.55. The stock had a trading volume of 1,525,832 shares. The stock has a market cap of $21.71 billion, a PE ratio of 21.56 and a beta of 0.97. Northern Trust Corporation has a 52-week low of $61.32 and a 52-week high of $94.59. The company’s 50 day moving average price is $89.78 and its 200-day moving average price is $87.87.
Northern Trust Corporation (NASDAQ:NTRS) last announced its quarterly earnings results on Tuesday, April 25th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.02. Northern Trust Corporation had a return on equity of 11.96% and a net margin of 20.20%. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business posted $0.99 EPS. The business’s revenue was up 8.1% compared to the same quarter last year. Analysts forecast that Northern Trust Corporation will post $4.80 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Stockholders of record on Friday, June 2nd will be issued a $0.38 dividend. The ex-dividend date is Wednesday, May 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.61%. Northern Trust Corporation’s dividend payout ratio is presently 34.78%.
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A number of brokerages have recently issued reports on NTRS. Deutsche Bank AG dropped their price target on Northern Trust Corporation from $94.00 to $93.00 and set a “hold” rating for the company in a research report on Thursday, April 6th. Credit Suisse Group reiterated a “hold” rating and set a $90.00 price target on shares of Northern Trust Corporation in a research report on Sunday, May 28th. Bank of America Corporation reiterated a “buy” rating and set a $98.00 price target (up previously from $61.32) on shares of Northern Trust Corporation in a research report on Friday, May 26th. Zacks Investment Research downgraded Northern Trust Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Finally, BidaskClub upgraded Northern Trust Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $90.18.
In related news, COO Jana R. Schreuder sold 28,469 shares of the business’s stock in a transaction on Wednesday, April 26th. The stock was sold at an average price of $92.00, for a total transaction of $2,619,148.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman William L. Morrison sold 25,000 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $87.28, for a total value of $2,182,000.00. The disclosure for this sale can be found here. Insiders sold a total of 381,423 shares of company stock worth $34,537,044 over the last quarter. Company insiders own 1.27% of the company’s stock.
About Northern Trust Corporation
Northern Trust Corporation is a financial holding company. The Company provides asset servicing, fund administration, asset management, fiduciary and banking solutions for corporations, institutions, families and individuals across the world. Its segments include Corporate & Institutional Services (C&IS), Wealth Management, and Treasury and Other.
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