BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 25,437 Shares of Northern Trust Co. (NTRS)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in Northern Trust Co. (NASDAQ:NTRS) by 21.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 90,493 shares of the asset manager’s stock after selling 25,437 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Northern Trust were worth $9,311,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Signaturefd LLC bought a new position in Northern Trust in the first quarter valued at approximately $102,000. Whittier Trust Co. of Nevada Inc. bought a new position in Northern Trust in the first quarter valued at approximately $103,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Northern Trust by 8,671.4% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,228 shares of the asset manager’s stock valued at $126,000 after acquiring an additional 1,214 shares during the last quarter. Delta Asset Management LLC TN bought a new position in Northern Trust in the second quarter valued at approximately $145,000. Finally, Quantbot Technologies LP bought a new position in Northern Trust in the first quarter valued at approximately $167,000. 77.99% of the stock is currently owned by hedge funds and other institutional investors.
NTRS has been the topic of a number of recent research reports. Citigroup raised their price objective on shares of Northern Trust from $108.00 to $118.00 and gave the company a “neutral” rating in a research note on Friday, July 20th. BidaskClub raised shares of Northern Trust from a “sell” rating to a “hold” rating in a research note on Friday, June 8th. Zacks Investment Research cut shares of Northern Trust from a “buy” rating to a “hold” rating in a research report on Tuesday, June 19th. Credit Suisse Group lifted their price target on shares of Northern Trust from $112.00 to $114.00 and gave the stock a “neutral” rating in a research report on Friday, August 10th. Finally, Morgan Stanley lifted their price target on shares of Northern Trust from $110.00 to $117.00 and gave the stock a “$108.44” rating in a research report on Thursday, July 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $115.06.
Shares of NASDAQ NTRS opened at $107.18 on Friday. The firm has a market cap of $24.38 billion, a PE ratio of 22.19, a PEG ratio of 1.27 and a beta of 0.97. Northern Trust Co. has a twelve month low of $85.69 and a twelve month high of $115.61. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.34.
Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings results on Wednesday, July 18th. The asset manager reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.05. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Northern Trust had a net margin of 22.88% and a return on equity of 15.02%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the firm posted $1.12 earnings per share. equities analysts anticipate that Northern Trust Co. will post 6.7 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be given a $0.55 dividend. This is a boost from Northern Trust’s previous quarterly dividend of $0.42. This represents a $2.20 annualized dividend and a yield of 2.05%. The ex-dividend date is Thursday, September 13th. Northern Trust’s payout ratio is currently 34.78%.
Northern Trust announced that its board has approved a stock repurchase plan on Tuesday, July 17th that authorizes the company to repurchase 25,000,000 outstanding shares. This repurchase authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
Northern Trust Company Profile
Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.
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