Metropolitan Life Insurance Co. NY grew its stake in Northern Trust Co. (NASDAQ:NTRS) by 5.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,590 shares of the asset manager’s stock after acquiring an additional 1,871 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Northern Trust were worth $3,559,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of NTRS. Wells Fargo & Company MN lifted its position in Northern Trust by 2.5% during the first quarter. Wells Fargo & Company MN now owns 2,158,254 shares of the asset manager’s stock worth $222,582,000 after buying an additional 52,169 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Northern Trust by 119.9% during the first quarter. Robeco Institutional Asset Management B.V. now owns 14,793 shares of the asset manager’s stock worth $1,526,000 after buying an additional 8,066 shares during the period. Engineers Gate Manager LP lifted its position in Northern Trust by 58.9% during the first quarter. Engineers Gate Manager LP now owns 9,051 shares of the asset manager’s stock worth $933,000 after buying an additional 3,354 shares during the period. Signaturefd LLC purchased a new position in Northern Trust during the first quarter worth about $102,000. Finally, Korea Investment CORP lifted its position in Northern Trust by 14.4% during the first quarter. Korea Investment CORP now owns 77,683 shares of the asset manager’s stock worth $8,011,000 after buying an additional 9,786 shares during the period. Institutional investors and hedge funds own 77.99% of the company’s stock.
Northern Trust stock opened at $104.15 on Friday. The stock has a market capitalization of $23.52 billion, a PE ratio of 17.92, a PEG ratio of 1.23 and a beta of 0.92. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.34. Northern Trust Co. has a 12 month low of $87.36 and a 12 month high of $115.61.
Northern Trust announced that its board has initiated a share repurchase 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 typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.11%. This is a positive change from Northern Trust’s previous quarterly dividend of $0.42. Northern Trust’s dividend payout ratio (DPR) is 34.78%.
In other news, Vice Chairman William L. Morrison sold 13,886 shares of the stock in a transaction dated Monday, July 23rd. The stock was sold at an average price of $110.87, for a total value of $1,539,540.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Biff Bowman sold 21,352 shares of the stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $111.11, for a total value of $2,372,420.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,636 shares of company stock valued at $8,488,828. Insiders own 1.04% of the company’s stock.
A number of research firms have recently commented on NTRS. Vining Sparks restated a “buy” rating and issued a $130.00 price objective on shares of Northern Trust in a report on Monday, July 23rd. Deutsche Bank cut their price objective on Northern Trust from $119.00 to $118.00 and set a “hold” rating on the stock in a report on Thursday, August 16th. BidaskClub downgraded Northern Trust from a “hold” rating to a “sell” rating in a report on Friday, June 1st. Keefe, Bruyette & Woods set a $118.00 price objective on Northern Trust and gave the stock a “hold” rating in a report on Wednesday, July 18th. Finally, Zacks Investment Research upgraded Northern Trust from a “hold” rating to a “buy” rating and set a $124.00 price objective on the stock in a report on Friday, July 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $115.06.
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.
Further Reading: Exchange-Traded Funds (ETFs)
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