Northern Trust Co. (NASDAQ:NTRS) Position Lifted by California Public Employees Retirement System
California Public Employees Retirement System grew its stake in shares of Northern Trust Co. (NASDAQ:NTRS) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 625,989 shares of the asset manager’s stock after acquiring an additional 15,384 shares during the quarter. California Public Employees Retirement System owned about 0.28% of Northern Trust worth $64,408,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Northern Trust by 8,671.4% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,228 shares of the asset manager’s stock valued at $126,000 after buying an additional 1,214 shares during the last quarter. Delta Asset Management LLC TN purchased a new position in shares of Northern Trust during the 2nd quarter valued at approximately $145,000. Quantbot Technologies LP purchased a new position in shares of Northern Trust during the 1st quarter valued at approximately $167,000. Qube Research & Technologies Ltd boosted its stake in shares of Northern Trust by 64.2% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,813 shares of the asset manager’s stock valued at $187,000 after buying an additional 709 shares during the last quarter. Finally, Gables Capital Management Inc. acquired a new stake in shares of Northern Trust during the 1st quarter valued at approximately $194,000. Institutional investors and hedge funds own 77.99% of the company’s stock.
Shares of NASDAQ:NTRS traded down $0.11 on Friday, hitting $99.05. The company’s stock had a trading volume of 1,688,552 shares, compared to its average volume of 1,144,030. Northern Trust Co. has a 12 month low of $91.06 and a 12 month high of $115.61. The stock has a market cap of $22.80 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 1.19 and a beta of 0.94. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.66 and a current ratio of 0.66.
Northern Trust declared that its board has authorized a share buyback plan on Tuesday, July 17th that authorizes the company to repurchase 25,000,000 shares. This repurchase authorization authorizes the asset manager to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 14th were paid a dividend of $0.55 per share. The ex-dividend date was Thursday, September 13th. This represents a $2.20 annualized dividend and a yield of 2.22%. This is a boost from Northern Trust’s previous quarterly dividend of $0.42. Northern Trust’s dividend payout ratio (DPR) is currently 45.55%.
In related news, CFO Biff Bowman sold 21,352 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $111.11, for a total value of $2,372,420.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Teresa Parker sold 5,606 shares of the stock in a transaction on Friday, July 20th. The shares were sold at an average price of $108.23, for a total value of $606,737.38. The disclosure for this sale can be found here. Insiders have sold 76,636 shares of company stock valued at $8,488,828 in the last ninety days. Company insiders own 1.04% of the company’s stock.
Several equities research analysts recently issued reports on the company. Vining Sparks reissued a “buy” rating and set a $130.00 price target on shares of Northern Trust in a research report on Monday, July 23rd. Keefe, Bruyette & Woods set a $118.00 price target on Northern Trust and gave the company a “hold” rating in a research report on Wednesday, July 18th. Morgan Stanley upped their price target on Northern Trust from $110.00 to $117.00 and gave the company a “$108.44” rating in a research report on Thursday, July 19th. Citigroup upped their price target on Northern Trust from $108.00 to $118.00 and gave the company a “neutral” rating in a research report on Friday, July 20th. Finally, Credit Suisse Group upped their price target on Northern Trust from $112.00 to $114.00 and gave the company a “neutral” rating in a research report on Friday, August 10th. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $115.88.
About Northern Trust
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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