State Board of Administration of Florida Retirement System Sells 6,695 Shares of Northern Trust Co. (NASDAQ:NTRS)

State Board of Administration of Florida Retirement System lessened its holdings in Northern Trust Co. (NASDAQ:NTRS) by 2.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 233,374 shares of the asset manager’s stock after selling 6,695 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.11% of Northern Trust worth $20,567,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Primecap Management Co. CA raised its stake in Northern Trust by 6.1% in the fourth quarter. Primecap Management Co. CA now owns 6,891,902 shares of the asset manager’s stock worth $581,539,000 after buying an additional 394,855 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Northern Trust by 31.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,533,855 shares of the asset manager’s stock worth $551,327,000 after acquiring an additional 1,553,783 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Northern Trust by 140.2% in the 4th quarter. Wellington Management Group LLP now owns 5,802,792 shares of the asset manager’s stock worth $489,640,000 after acquiring an additional 3,387,002 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Northern Trust by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,771,463 shares of the asset manager’s stock worth $149,485,000 after acquiring an additional 8,724 shares in the last quarter. Finally, Confluence Investment Management LLC bought a new position in shares of Northern Trust in the 1st quarter worth $105,665,000. Institutional investors own 83.19% of the company’s stock.

Northern Trust Trading Down 0.2 %

NASDAQ:NTRS traded down $0.18 on Thursday, reaching $85.98. The company’s stock had a trading volume of 1,215,391 shares, compared to its average volume of 1,387,823. Northern Trust Co. has a 12-month low of $62.44 and a 12-month high of $92.46. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.61. The firm has a market cap of $17.59 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 1.27 and a beta of 1.10. The stock has a 50 day moving average price of $84.10 and a 200 day moving average price of $83.30.

Northern Trust (NASDAQ:NTRS) last issued its quarterly earnings data on Wednesday, July 17th. The asset manager reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.03. Northern Trust had a return on equity of 12.57% and a net margin of 7.59%. The business had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the previous year, the firm posted $1.79 earnings per share. The company’s revenue was up 53.8% on a year-over-year basis. On average, equities analysts anticipate that Northern Trust Co. will post 6.91 EPS for the current fiscal year.

Northern Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be paid a $0.75 dividend. The ex-dividend date is Friday, September 6th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.49%. Northern Trust’s payout ratio is presently 66.23%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NTRS. Bank of America raised their price objective on Northern Trust from $93.00 to $101.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Royal Bank of Canada increased their price objective on Northern Trust from $86.00 to $90.00 and gave the company an “outperform” rating in a report on Thursday. Jefferies Financial Group increased their price objective on Northern Trust from $101.00 to $103.00 and gave the company a “buy” rating in a report on Thursday, April 18th. The Goldman Sachs Group cut their price objective on Northern Trust from $94.00 to $84.00 and set a “neutral” rating on the stock in a report on Tuesday, July 2nd. Finally, Evercore ISI increased their price objective on Northern Trust from $86.00 to $87.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Northern Trust currently has a consensus rating of “Hold” and a consensus price target of $86.75.

Insider Buying and Selling

In other Northern Trust news, insider Peter Cherecwich sold 12,000 shares of Northern Trust stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $87.09, for a total transaction of $1,045,080.00. Following the completion of the sale, the insider now directly owns 31,471 shares of the company’s stock, valued at approximately $2,740,809.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Peter Cherecwich sold 12,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $87.09, for a total value of $1,045,080.00. Following the completion of the sale, the insider now directly owns 31,471 shares of the company’s stock, valued at approximately $2,740,809.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven L. Fradkin sold 4,097 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $82.56, for a total value of $338,248.32. Following the sale, the insider now directly owns 46,078 shares of the company’s stock, valued at $3,804,199.68. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by insiders.

Northern Trust Profile

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.