Prana Capital Management LP Sells 50,054 Shares of Northern Trust Co. (NASDAQ:NTRS)

Prana Capital Management LP lessened its holdings in Northern Trust Co. (NASDAQ:NTRS) by 35.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 91,190 shares of the asset manager’s stock after selling 50,054 shares during the period. Prana Capital Management LP’s holdings in Northern Trust were worth $9,347,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Ballentine Partners LLC raised its stake in Northern Trust by 4.4% in the 4th quarter. Ballentine Partners LLC now owns 2,483 shares of the asset manager’s stock valued at $255,000 after acquiring an additional 105 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Northern Trust by 24.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,061 shares of the asset manager’s stock valued at $2,286,000 after acquiring an additional 4,374 shares during the period. JPMorgan Chase & Co. increased its position in Northern Trust by 9.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,296,442 shares of the asset manager’s stock worth $386,809,000 after buying an additional 388,692 shares during the period. KLP Kapitalforvaltning AS bought a new position in Northern Trust during the 4th quarter worth $7,437,000. Finally, Charles Schwab Investment Management Inc. increased its position in Northern Trust by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,267,406 shares of the asset manager’s stock worth $129,909,000 after buying an additional 8,102 shares during the period. Institutional investors own 83.19% of the company’s stock.

Northern Trust Stock Down 0.7%

Shares of NASDAQ:NTRS opened at $106.39 on Thursday. The stock has a market cap of $20.70 billion, a price-to-earnings ratio of 10.88, a PEG ratio of 1.72 and a beta of 1.18. The company has a quick ratio of 0.71, a current ratio of 0.68 and a debt-to-equity ratio of 0.58. Northern Trust Co. has a 12-month low of $79.68 and a 12-month high of $114.67. The business’s 50 day moving average is $95.10 and its 200 day moving average is $102.97.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Tuesday, April 22nd. The asset manager reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.05. Northern Trust had a return on equity of 13.74% and a net margin of 12.77%. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.95 billion. On average, sell-side analysts forecast that Northern Trust Co. will post 8.27 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.82%. Northern Trust’s dividend payout ratio is presently 27.99%.

Insider Activity

In other Northern Trust news, insider Teresa Parker sold 6,467 shares of the company’s stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $100.62, for a total value of $650,709.54. Following the transaction, the insider now directly owns 79,391 shares in the company, valued at $7,988,322.42. This represents a 7.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas A. South sold 3,804 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.00, for a total value of $429,852.00. Following the completion of the transaction, the executive vice president now owns 81,794 shares in the company, valued at $9,242,722. This represents a 4.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,571 shares of company stock valued at $1,410,397 in the last 90 days. Insiders own 0.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on NTRS shares. Morgan Stanley lowered their price objective on Northern Trust from $136.00 to $132.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 2nd. Evercore ISI decreased their price target on Northern Trust from $104.00 to $100.00 and set an “in-line” rating on the stock in a research report on Wednesday, April 23rd. Truist Financial decreased their price target on Northern Trust from $98.00 to $92.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Citigroup decreased their price target on Northern Trust from $110.00 to $105.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Finally, The Goldman Sachs Group raised their price objective on Northern Trust from $92.00 to $102.00 and gave the company a “sell” rating in a research note on Friday, January 24th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $110.83.

About Northern Trust

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.