Wedge Capital Management L L P NC Lowers Stock Position in Northern Trust Corporation $NTRS

Wedge Capital Management L L P NC trimmed its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS) by 18.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,331 shares of the asset manager’s stock after selling 4,268 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Northern Trust were worth $2,602,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank bought a new stake in Northern Trust during the second quarter valued at about $276,087,000. Primecap Management Co. CA boosted its holdings in shares of Northern Trust by 19.5% in the 2nd quarter. Primecap Management Co. CA now owns 7,793,757 shares of the asset manager’s stock valued at $988,170,000 after buying an additional 1,270,748 shares in the last quarter. Marshall Wace LLP grew its position in shares of Northern Trust by 2,397.3% in the 2nd quarter. Marshall Wace LLP now owns 657,026 shares of the asset manager’s stock worth $83,304,000 after buying an additional 630,717 shares during the last quarter. Rokos Capital Management LLP bought a new position in shares of Northern Trust during the 2nd quarter worth approximately $73,888,000. Finally, LSV Asset Management lifted its position in Northern Trust by 154.0% during the second quarter. LSV Asset Management now owns 805,990 shares of the asset manager’s stock valued at $102,191,000 after acquiring an additional 488,690 shares during the last quarter. Institutional investors own 83.19% of the company’s stock.

Insider Buying and Selling

In related news, insider John Landers sold 766 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $124.35, for a total transaction of $95,252.10. Following the sale, the insider directly owned 7,313 shares of the company’s stock, valued at $909,371.55. This trade represents a 9.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Edward Jr. Moritz purchased 3,891 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was bought at an average cost of $128.57 per share, with a total value of $500,265.87. Following the completion of the acquisition, the director directly owned 6,686 shares of the company’s stock, valued at $859,619.02. This trade represents a 139.21% increase in their position. The SEC filing for this purchase provides additional information. 0.77% of the stock is owned by corporate insiders.

Northern Trust Stock Performance

Shares of NASDAQ NTRS opened at $140.26 on Tuesday. The company has a 50 day simple moving average of $130.50 and a two-hundred day simple moving average of $127.75. The stock has a market cap of $26.53 billion, a price-to-earnings ratio of 16.35, a PEG ratio of 1.50 and a beta of 1.27. The company has a current ratio of 0.70, a quick ratio of 0.70 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 $140.75.

Northern Trust (NASDAQ:NTRS) last issued its earnings results on Wednesday, October 22nd. The asset manager reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter last year, the company posted $2.22 earnings per share. The firm’s revenue was up 2.8% compared to the same quarter last year. As a group, analysts predict that Northern Trust Corporation will post 8.27 earnings per share for the current year.

Northern Trust Dividend Announcement

The business also recently announced 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 is Friday, December 5th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.3%. Northern Trust’s dividend payout ratio is presently 37.30%.

Analyst Upgrades and Downgrades

NTRS has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Northern Trust in a report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their target price on Northern Trust from $123.00 to $125.00 and gave the company an “underperform” rating in a research report on Thursday, October 23rd. Cowen reissued a “buy” rating on shares of Northern Trust in a report on Thursday, October 23rd. Citigroup upped their price objective on shares of Northern Trust from $110.00 to $135.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Finally, Truist Financial lowered their target price on shares of Northern Trust from $142.00 to $139.00 and set a “hold” rating for the company in a research note on Thursday, October 23rd. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $132.46.

Northern Trust Company Profile

Northern Trust Corporation (NASDAQ: NTRS) is a global financial services firm headquartered in Chicago that provides asset servicing, asset management and wealth management solutions to institutions, corporations and high-net-worth individuals. The company’s core businesses include custody and fund administration, investment operations outsourcing, trust and fiduciary services, private banking, and retirement and defined contribution plan services.

Northern Trust’s product and service offerings span custody and fund accounting, portfolio and performance analytics, securities lending, cash management and foreign exchange, as well as discretionary and non-discretionary investment management.