Meeder Asset Management Inc. Invests $3.19 Million in Northern Trust Corporation $NTRS

Meeder Asset Management Inc. purchased a new position in Northern Trust Corporation (NASDAQ:NTRS) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 18,328 shares of the asset manager’s stock, valued at approximately $3,186,000.

A number of other institutional investors have also modified their holdings of the stock. Citizens Financial Group Inc. RI purchased a new position in Northern Trust during the second quarter worth approximately $790,000. Nuance Investments LLC purchased a new stake in Northern Trust in the 2nd quarter valued at $253,000. Grandfield & Dodd LLC acquired a new stake in shares of Northern Trust in the 2nd quarter worth $234,000. BlackRock Inc. acquired a new stake in shares of Northern Trust in the 2nd quarter worth $2,523,781,000. Finally, Pallas Capital Advisors LLC purchased a new position in shares of Northern Trust during the 2nd quarter worth $1,169,000. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Insider Activity at Northern Trust

In other news, Director Robert Edward Jr. Moritz acquired 255 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was acquired at an average cost of $179.57 per share, with a total value of $45,790.35. Following the completion of the purchase, the director owned 8,400 shares of the company’s stock, valued at $1,508,388. This represents a 3.13% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 0.66% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NTRS. Truist Financial boosted their price target on shares of Northern Trust from $176.00 to $186.00 and gave the company a “hold” rating in a research report on Friday, June 26th. Evercore set a $179.00 target price on shares of Northern Trust in a research note on Monday, July 6th. Morgan Stanley increased their price target on shares of Northern Trust from $170.00 to $173.00 and gave the company an “underweight” rating in a research note on Thursday, July 23rd. Bank of America lifted their price target on shares of Northern Trust from $190.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Royal Bank Of Canada cut Northern Trust from an “outperform” rating to a “sector perform” rating and set a $178.00 target price for the company. in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $180.68.

Northern Trust Stock Performance

Shares of NTRS stock opened at $190.58 on Wednesday. The firm’s 50 day moving average price is $180.70 and its 200-day moving average price is $162.65. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.65 and a current ratio of 0.65. Northern Trust Corporation has a one year low of $121.12 and a one year high of $195.78. The firm has a market cap of $34.87 billion, a P/E ratio of 16.36, a P/E/G ratio of 1.08 and a beta of 1.25.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Wednesday, July 22nd. The asset manager reported $4.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $1.52. Northern Trust had a net margin of 14.76% and a return on equity of 16.91%. The firm had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.69 billion. During the same quarter last year, the company posted $2.13 EPS. The firm’s quarterly revenue was up 35.1% on a year-over-year basis. As a group, equities research analysts predict that Northern Trust Corporation will post 11.59 EPS for the current year.

Northern Trust Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be given a dividend of $0.88 per share. This is an increase from Northern Trust’s previous quarterly dividend of $0.80. This represents a $3.52 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, September 4th. Northern Trust’s dividend payout ratio (DPR) is 27.47%.

Northern Trust 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.