CIBC Asset Management Inc Acquires 16,936 Shares of Northern Trust Corporation $NTRS

CIBC Asset Management Inc increased its holdings in shares of Northern Trust Corporation (NASDAQ:NTRS) by 52.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 49,401 shares of the asset manager’s stock after purchasing an additional 16,936 shares during the quarter. CIBC Asset Management Inc’s holdings in Northern Trust were worth $6,748,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Norges Bank acquired a new position in Northern Trust during the 4th quarter worth approximately $257,410,000. Eurizon Capital SGR S.p.A. acquired a new position in Northern Trust during the 4th quarter worth approximately $126,794,000. Jupiter Asset Management Ltd. boosted its position in Northern Trust by 114.1% during the 4th quarter. Jupiter Asset Management Ltd. now owns 1,031,579 shares of the asset manager’s stock worth $140,903,000 after acquiring an additional 549,681 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in Northern Trust during the 4th quarter worth approximately $67,126,000. Finally, AQR Capital Management LLC boosted its position in Northern Trust by 67.1% during the 3rd quarter. AQR Capital Management LLC now owns 1,019,531 shares of the asset manager’s stock worth $136,750,000 after acquiring an additional 409,434 shares during the last quarter. 83.19% of the stock is owned by institutional investors.

Northern Trust Stock Down 1.5%

NTRS opened at $170.47 on Friday. Northern Trust Corporation has a fifty-two week low of $106.86 and a fifty-two week high of $173.66. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.62 and a current ratio of 0.62. The stock has a fifty day moving average of $159.53 and a 200-day moving average of $147.30. The company has a market capitalization of $31.55 billion, a P/E ratio of 17.85, a P/E/G ratio of 1.24 and a beta of 1.25.

Northern Trust (NASDAQ:NTRS) last released its earnings results on Tuesday, April 21st. The asset manager reported $2.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.34. Northern Trust had a return on equity of 15.94% and a net margin of 12.84%.The firm had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the previous year, the business posted $1.90 earnings per share. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities analysts expect that Northern Trust Corporation will post 10.68 EPS for the current year.

Northern Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, June 5th. Northern Trust’s payout ratio is currently 33.51%.

Insider Buying and Selling

In related news, Director Robert Edward Jr. Moritz acquired 225 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were bought at an average cost of $166.41 per share, with a total value of $37,442.25. Following the completion of the purchase, the director directly owned 8,145 shares in the company, valued at $1,355,409.45. The trade was a 2.84% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Clive Bellows sold 2,800 shares of Northern Trust stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $165.02, for a total value of $462,056.00. Following the completion of the transaction, the insider directly owned 28,217 shares in the company, valued at approximately $4,656,369.34. This represents a 9.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,800 shares of company stock valued at $3,785,251 over the last ninety days. 0.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on NTRS shares. Barclays upped their price target on Northern Trust from $160.00 to $176.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 22nd. Truist Financial increased their price objective on Northern Trust from $155.00 to $176.00 and gave the company a “hold” rating in a report on Wednesday, April 22nd. Royal Bank Of Canada increased their price objective on Northern Trust from $159.00 to $178.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. increased their price objective on Northern Trust from $153.50 to $170.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Finally, Citigroup assumed coverage on Northern Trust in a report on Monday, February 23rd. They issued a “neutral” rating for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Northern Trust currently has an average rating of “Hold” and an average price target of $164.08.

About Northern Trust

Northern Trust Corporation (NASDAQ: NTRS) is a global financial services firm headquartered in Chicago that provides asset servicing, asset management and wealth management solutions to institutions, corporations and high-net-worth individuals. The company’s core businesses include custody and fund administration, investment operations outsourcing, trust and fiduciary services, private banking, and retirement and defined contribution plan services.

Northern Trust’s product and service offerings span custody and fund accounting, portfolio and performance analytics, securities lending, cash management and foreign exchange, as well as discretionary and non-discretionary investment management.