Confluence Investment Management LLC Boosts Stake in Northern Trust Co. (NASDAQ:NTRS)

Confluence Investment Management LLC lifted its holdings in Northern Trust Co. (NASDAQ:NTRSGet Rating) by 1.8% in the 2nd quarter, Holdings Channel reports. The firm owned 1,115,214 shares of the asset manager’s stock after acquiring an additional 20,112 shares during the period. Northern Trust accounts for 1.7% of Confluence Investment Management LLC’s portfolio, making the stock its 20th biggest holding. Confluence Investment Management LLC’s holdings in Northern Trust were worth $107,596,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Northern Trust by 27.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,229 shares of the asset manager’s stock worth $6,548,000 after purchasing an additional 12,264 shares during the last quarter. Advisory Services Network LLC grew its holdings in shares of Northern Trust by 7.0% in the first quarter. Advisory Services Network LLC now owns 17,805 shares of the asset manager’s stock worth $2,074,000 after acquiring an additional 1,169 shares during the period. Neuberger Berman Group LLC grew its holdings in shares of Northern Trust by 594.6% in the first quarter. Neuberger Berman Group LLC now owns 134,654 shares of the asset manager’s stock worth $15,681,000 after acquiring an additional 115,269 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Northern Trust by 4.7% in the first quarter. The Manufacturers Life Insurance Company now owns 169,378 shares of the asset manager’s stock worth $19,724,000 after acquiring an additional 7,637 shares during the period. Finally, Toroso Investments LLC grew its holdings in shares of Northern Trust by 10.2% in the first quarter. Toroso Investments LLC now owns 2,413 shares of the asset manager’s stock worth $281,000 after acquiring an additional 224 shares during the period. Hedge funds and other institutional investors own 83.59% of the company’s stock.

Northern Trust Stock Performance

NASDAQ NTRS opened at $93.13 on Monday. The firm has a market cap of $19.41 billion, a price-to-earnings ratio of 12.69 and a beta of 1.12. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $97.96 and a 200-day moving average price of $103.74. Northern Trust Co. has a twelve month low of $89.68 and a twelve month high of $135.15.

Northern Trust (NASDAQ:NTRSGet Rating) last released its quarterly earnings data on Wednesday, July 20th. The asset manager reported $1.86 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.07). The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Northern Trust had a return on equity of 14.82% and a net margin of 23.13%. The business’s revenue was up 11.4% on a year-over-year basis. During the same period last year, the company earned $1.72 EPS. As a group, equities research analysts predict that Northern Trust Co. will post 7.45 EPS for the current fiscal year.

Northern Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Friday, September 9th will be given a $0.75 dividend. This is an increase from Northern Trust’s previous quarterly dividend of $0.70. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Thursday, September 8th. Northern Trust’s payout ratio is currently 40.87%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Barclays cut their price objective on Northern Trust from $140.00 to $120.00 and set an “equal weight” rating for the company in a report on Thursday, July 21st. Credit Suisse Group cut their price objective on Northern Trust from $106.00 to $99.00 and set an “underperform” rating for the company in a report on Thursday, July 21st. Piper Sandler cut their price objective on Northern Trust from $141.00 to $121.00 and set an “overweight” rating for the company in a report on Friday, June 24th. JPMorgan Chase & Co. cut their price objective on Northern Trust from $115.00 to $107.50 in a report on Monday, July 11th. Finally, Morgan Stanley boosted their price target on Northern Trust from $110.00 to $115.00 and gave the company an “equal weight” rating in a report on Thursday, July 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Northern Trust has an average rating of “Moderate Buy” and a consensus target price of $120.19.

Northern Trust Profile

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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, Corporate & Institutional Services (C&IS) and Wealth Management.

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Institutional Ownership by Quarter for Northern Trust (NASDAQ:NTRS)

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