Van ECK Associates Corp Raises Stake in Northern Trust Co. (NASDAQ:NTRS)

Posted by Defense World Staff on Jul 31st, 2023

Van ECK Associates Corp grew its holdings in shares of Northern Trust Co. (NASDAQ:NTRS – Free Report) by 13.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 77,643 shares of the asset manager’s stock after acquiring an additional 9,177 shares during the quarter. Van ECK Associates Corp’s holdings in Northern Trust were worth $6,843,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Northern Trust by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 22,711,584 shares of the asset manager’s stock worth $2,644,763,000 after purchasing an additional 457,748 shares during the period. American Century Companies Inc. increased its stake in shares of Northern Trust by 10.0% in the fourth quarter. American Century Companies Inc. now owns 6,233,609 shares of the asset manager’s stock worth $551,612,000 after buying an additional 566,941 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Northern Trust by 11.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,387,313 shares of the asset manager’s stock valued at $388,233,000 after buying an additional 440,043 shares during the last quarter. Geode Capital Management LLC grew its holdings in Northern Trust by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 4,365,611 shares of the asset manager’s stock worth $385,639,000 after acquiring an additional 95,828 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Northern Trust by 3.0% during 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 acquiring an additional 91,387 shares during the last quarter. 81.90% of the stock is currently owned by institutional investors.

Northern Trust Stock Up 1.1 %

Shares of NASDAQ:NTRS opened at $80.06 on Monday. Northern Trust Co. has a 12-month low of $69.54 and a 12-month high of $104.57. The stock has a market capitalization of $16.57 billion, a price-to-earnings ratio of 14.35 and a beta of 1.07. The stock has a fifty day simple moving average of $74.50 and a two-hundred day simple moving average of $83.10. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.45.

Northern Trust (NASDAQ:NTRS – Get Free Report) last announced its quarterly earnings results on Wednesday, July 19th. The asset manager reported $1.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.06). The firm 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 13.96% and a net margin of 12.36%. The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.86 EPS. On average, research analysts anticipate that Northern Trust Co. will post 6.36 earnings per share for the current fiscal year.

Northern Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $3.00 dividend on an annualized basis and a yield of 3.75%. Northern Trust’s payout ratio is currently 53.76%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Citigroup reduced their price target on Northern Trust from $78.00 to $75.00 in a report on Tuesday, June 13th. Evercore ISI dropped their price target on Northern Trust from $88.00 to $86.00 and set an “in-line” rating for the company in a research note on Wednesday, April 5th. StockNews.com downgraded shares of Northern Trust from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. Morgan Stanley raised their target price on shares of Northern Trust from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, July 21st. Finally, TheStreet cut shares of Northern Trust from a “b-” rating to a “c+” rating in a research report on Monday, June 5th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $89.55.

Northern Trust Company Profile

(Free Report)

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, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage services, transition management services, banking, and cash management services.