Agate Pass Investment Management LLC Makes New $538,000 Investment in Northern Trust Co. (NASDAQ:NTRS)

Agate Pass Investment Management LLC bought a new stake in shares of Northern Trust Co. (NASDAQ:NTRS) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,245 shares of the asset manager’s stock, valued at approximately $538,000.

Several other hedge funds have also made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new stake in Northern Trust in the third quarter worth about $39,000. Capital Performance Advisors LLP bought a new stake in shares of Northern Trust in the 3rd quarter valued at about $48,000. Eastern Bank purchased a new stake in shares of Northern Trust in the 3rd quarter worth approximately $51,000. Versant Capital Management Inc boosted its stake in shares of Northern Trust by 34.9% during the fourth quarter. Versant Capital Management Inc now owns 684 shares of the asset manager’s stock valued at $70,000 after purchasing an additional 177 shares in the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new position in Northern Trust during the third quarter valued at approximately $68,000. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NTRS has been the topic of several recent research reports. Bank of America increased their target price on Northern Trust from $103.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. StockNews.com raised Northern Trust from a “hold” rating to a “buy” rating in a research report on Tuesday, December 10th. Truist Financial assumed coverage on shares of Northern Trust in a report on Tuesday, January 7th. They issued a “hold” rating and a $110.00 target price for the company. Evercore ISI raised their price target on shares of Northern Trust from $86.00 to $103.00 and gave the company an “in-line” rating in a report on Thursday, October 24th. Finally, Barclays increased their target price on shares of Northern Trust from $115.00 to $118.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $107.17.

Northern Trust Stock Performance

NTRS traded down $0.37 during trading on Monday, reaching $99.09. 382,862 shares of the company’s stock were exchanged, compared to its average volume of 931,940. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71. Northern Trust Co. has a 1 year low of $76.67 and a 1 year high of $111.87. The company’s fifty day simple moving average is $105.67 and its 200-day simple moving average is $95.17. The stock has a market capitalization of $19.64 billion, a P/E ratio of 12.32, a price-to-earnings-growth ratio of 1.18 and a beta of 1.08.

Northern Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 6th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $3.00 dividend on an annualized basis and a yield of 3.03%. Northern Trust’s dividend payout ratio is presently 37.31%.

Insider Activity at Northern Trust

In other news, Vice Chairman Steven L. Fradkin sold 9,100 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $111.00, for a total transaction of $1,010,100.00. Following the sale, the insider now directly owns 47,797 shares of the company’s stock, valued at $5,305,467. This represents a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Peter Cherecwich sold 16,153 shares of Northern Trust stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $105.18, for a total value of $1,698,972.54. Following the completion of the transaction, the chief operating officer now owns 4,397 shares of the company’s stock, valued at approximately $462,476.46. This represents a 78.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 82,151 shares of company stock worth $8,489,889 over the last three months. Company insiders own 0.64% of the company’s stock.

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.