PNC Financial Services Group Inc. Cuts Stake in Northern Trust Corporation $NTRS

PNC Financial Services Group Inc. lessened its stake in Northern Trust Corporation (NASDAQ:NTRS) by 6.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 119,548 shares of the asset manager’s stock after selling 7,819 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Northern Trust were worth $15,158,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. FNY Investment Advisers LLC bought a new position in shares of Northern Trust in the second quarter worth approximately $25,000. Hantz Financial Services Inc. raised its holdings in Northern Trust by 5,225.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 213 shares of the asset manager’s stock worth $27,000 after acquiring an additional 209 shares during the last quarter. GFG Capital LLC bought a new position in Northern Trust in the 2nd quarter valued at approximately $35,000. Zions Bancorporation National Association UT bought a new stake in shares of Northern Trust in the 1st quarter worth $29,000. Finally, Harbor Investment Advisory LLC raised its stake in shares of Northern Trust by 68.4% in the second quarter. Harbor Investment Advisory LLC now owns 320 shares of the asset manager’s stock worth $41,000 after purchasing an additional 130 shares during the last quarter. 83.19% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Susan Cohen Levy sold 27,591 shares of Northern Trust stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $128.13, for a total transaction of $3,535,234.83. Following the sale, the executive vice president owned 48,257 shares in the company, valued at $6,183,169.41. This trade represents a 36.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert Edward Jr. Moritz bought 3,891 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The shares were bought at an average price of $128.57 per share, with a total value of $500,265.87. Following the transaction, the director owned 6,686 shares of the company’s stock, valued at $859,619.02. The trade was a 139.21% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company lifted their price objective on Northern Trust from $127.00 to $131.00 and gave the stock an “equal weight” rating in a report on Thursday, October 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Northern Trust in a report on Wednesday, October 8th. Evercore ISI raised their target price on shares of Northern Trust from $125.00 to $135.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Morgan Stanley boosted their target price on shares of Northern Trust from $110.00 to $131.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. Finally, Truist Financial cut their price objective on Northern Trust from $142.00 to $139.00 and set a “hold” rating for the company in a report on Thursday, October 23rd. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $132.46.

Northern Trust Price Performance

NASDAQ NTRS opened at $127.39 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a 12 month low of $81.62 and a 12 month high of $135.48. The stock has a market cap of $24.09 billion, a price-to-earnings ratio of 14.85, a PEG ratio of 1.37 and a beta of 1.32. The company’s 50 day moving average is $129.26 and its two-hundred day moving average is $122.13.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings data on Wednesday, October 22nd. The asset manager reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.03. Northern Trust had a net margin of 11.99% and a return on equity of 14.37%. The firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the prior year, the company posted $2.22 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. As a group, research analysts anticipate that Northern Trust Corporation will post 8.27 earnings per share for the current year.

Northern Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Stockholders of record on Friday, December 5th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.5%. Northern Trust’s dividend payout ratio is 37.30%.

Northern Trust Profile

Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage services, transition management services, banking, and cash management services.