Longboard Asset Management LP Takes Position in Northern Trust Corporation $NTRS

by · The Markets Daily

Longboard Asset Management LP purchased a new stake in Northern Trust Corporation (NASDAQ:NTRS – Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 1,871 shares of the asset manager’s stock, valued at approximately $237,000.

Other large investors have also made changes to their positions in the company. Continuum Advisory LLC increased its holdings in shares of Northern Trust by 5,340.0% in the 1st quarter. Continuum Advisory LLC now owns 272 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 267 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of Northern Trust during the 1st quarter worth about $29,000. Harbor Investment Advisory LLC boosted its stake in shares of Northern Trust by 68.4% during the 2nd quarter. Harbor Investment Advisory LLC now owns 320 shares of the asset manager’s stock worth $41,000 after purchasing an additional 130 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Northern Trust during the 1st quarter worth about $35,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Northern Trust during the 1st quarter worth about $43,000. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Insider Activity

In other news, Director Robert Edward Jr. Moritz purchased 256 shares of Northern Trust stock in a transaction dated Wednesday, August 13th. The stock was bought at an average price of $126.34 per share, with a total value of $32,343.04. Following the completion of the acquisition, the director owned 2,525 shares in the company, valued at $319,008.50. The trade was a 11.28% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.77% of the company’s stock.

Wall Street Analysts Forecast Growth

NTRS has been the topic of several analyst reports. Truist Financial raised their price target on shares of Northern Trust from $128.00 to $132.00 and gave the stock a “hold” rating in a research note on Thursday, August 14th. Wall Street Zen cut shares of Northern Trust from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Evercore ISI raised their price target on shares of Northern Trust from $108.00 to $121.00 and gave the stock an “in-line” rating in a research note on Wednesday, July 2nd. The Goldman Sachs Group raised their target price on shares of Northern Trust from $89.00 to $101.00 and gave the stock a “sell” rating in a research report on Wednesday, July 2nd. Finally, Wells Fargo & Company raised their target price on shares of Northern Trust from $111.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Northern Trust currently has an average rating of “Reduce” and a consensus price target of $119.58.

Read Our Latest Research Report on NTRS

Northern Trust Stock Up 0.2%

Shares of NASDAQ:NTRS opened at $129.46 on Thursday. The firm has a market cap of $24.76 billion, a PE ratio of 15.21, a price-to-earnings-growth ratio of 1.54 and a beta of 1.30. The company has a fifty day simple moving average of $128.10 and a 200 day simple moving average of $112.03. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.58. Northern Trust Corporation has a 12-month low of $81.62 and a 12-month high of $133.00.

Northern Trust (NASDAQ:NTRS – Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The asset manager reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $2.08 by $0.05. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.96 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. The firm’s revenue was down 26.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.34 earnings per share. On average, equities research analysts anticipate that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be issued a $0.80 dividend. This is a boost from Northern Trust’s previous quarterly dividend of $0.75. This represents a $3.20 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Northern Trust’s dividend payout ratio is presently 37.60%.

Northern Trust 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.

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