New York State Common Retirement Fund Has $27.12 Million Stock Holdings in Northern Trust Co. (NASDAQ:NTRS)

Posted by on Apr 16th, 2023

New York State Common Retirement Fund increased its position in shares of Northern Trust Co. (NASDAQ:NTRS – Get Rating) by 27.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 306,449 shares of the asset manager’s stock after acquiring an additional 66,291 shares during the period. New York State Common Retirement Fund owned about 0.15% of Northern Trust worth $27,118,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Northern Trust by 1.1% during the third quarter. Vanguard Group Inc. now owns 23,455,864 shares of the asset manager’s stock valued at $2,006,883,000 after buying an additional 248,837 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Northern Trust by 51.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,457,214 shares of the asset manager’s stock valued at $295,798,000 after purchasing an additional 1,174,377 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Northern Trust by 7.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,356,850 shares of the asset manager’s stock valued at $390,906,000 after purchasing an additional 239,723 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Northern Trust by 3.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,101,655 shares of the asset manager’s stock valued at $361,188,000 after purchasing an additional 91,387 shares during the last quarter. Finally, Fiduciary Management Inc. WI grew its position in shares of Northern Trust by 13.7% in the third quarter. Fiduciary Management Inc. WI now owns 2,690,970 shares of the asset manager’s stock valued at $230,239,000 after purchasing an additional 324,428 shares during the last quarter. 81.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Northern Trust news, CFO Jason J. Tyler sold 1,764 shares of the stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $96.98, for a total transaction of $171,072.72. Following the transaction, the chief financial officer now owns 30,470 shares in the company, valued at approximately $2,954,980.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Jason J. Tyler sold 1,764 shares of the stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $96.98, for a total transaction of $171,072.72. Following the sale, the chief financial officer now owns 30,470 shares in the company, valued at approximately $2,954,980.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lauren E. Allnutt sold 559 shares of the stock in a transaction that occurred on Thursday, March 9th. The stock was sold at an average price of $87.30, for a total transaction of $48,800.70. Following the sale, the executive vice president now owns 5,576 shares in the company, valued at approximately $486,784.80. The disclosure for this sale can be found here. 0.63% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on NTRS shares. Royal Bank of Canada lowered their price target on Northern Trust from $95.00 to $87.00 in a research report on Friday, March 24th. The Goldman Sachs Group downgraded Northern Trust from a “buy” rating to a “neutral” rating and lowered their price target for the company from $97.00 to $95.00 in a research report on Wednesday, January 4th. UBS Group decreased their target price on Northern Trust from $108.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, April 4th. Evercore ISI decreased their target price on Northern Trust from $88.00 to $86.00 and set an “in-line” rating on the stock in a research report on Wednesday, April 5th. Finally, StockNews.com assumed coverage on shares of Northern Trust in a research note on Thursday, March 16th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Northern Trust presently has an average rating of “Hold” and an average price target of $99.46.

Northern Trust Trading Down 1.5 %

Northern Trust stock opened at $87.92 on Friday. The firm has a 50-day moving average of $90.52 and a 200-day moving average of $89.97. Northern Trust Co. has a one year low of $76.15 and a one year high of $114.86. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $18.27 billion, a price-to-earnings ratio of 14.32 and a beta of 1.07.

Northern Trust (NASDAQ:NTRS – Get Rating) last issued its earnings results on Thursday, January 19th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.81 by ($1.10). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.75 billion. Northern Trust had a net margin of 17.24% and a return on equity of 14.89%. The firm’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.91 earnings per share. On average, equities analysts expect that Northern Trust Co. will post 6.95 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, April 1st. Stockholders of record on Friday, March 10th were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, March 9th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.41%. Northern Trust’s payout ratio is 48.86%.

About Northern Trust

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Northern Trust Corp. is a financial holding company, which engages in the provision of asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals. It operates through the following segments: Corporate & Institutional Services and Wealth Management.

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

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