State of Wisconsin Investment Board Has $14.65 Million Position in Northern Trust Co. (NTRS)
State of Wisconsin Investment Board increased its stake in Northern Trust Co. (NASDAQ:NTRS) by 46.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 142,362 shares of the asset manager’s stock after buying an additional 45,268 shares during the quarter. State of Wisconsin Investment Board owned about 0.06% of Northern Trust worth $14,648,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. HC Financial Advisors Inc. purchased a new stake in shares of Northern Trust in the fourth quarter valued at $3,143,000. HL Financial Services LLC lifted its holdings in shares of Northern Trust by 1.0% in the first quarter. HL Financial Services LLC now owns 696,044 shares of the asset manager’s stock valued at $71,783,000 after purchasing an additional 6,562 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Northern Trust by 2.5% in the first quarter. Wells Fargo & Company MN now owns 2,158,254 shares of the asset manager’s stock valued at $222,582,000 after purchasing an additional 52,169 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Northern Trust by 2.5% in the first quarter. Daiwa Securities Group Inc. now owns 63,664 shares of the asset manager’s stock valued at $6,566,000 after purchasing an additional 1,534 shares in the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its holdings in shares of Northern Trust by 390.6% in the first quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 50,465 shares of the asset manager’s stock valued at $5,082,000 after purchasing an additional 40,179 shares in the last quarter. Institutional investors own 78.75% of the company’s stock.
NASDAQ NTRS opened at $107.66 on Friday. Northern Trust Co. has a 1-year low of $85.69 and a 1-year high of $115.61. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a market capitalization of $24.20 billion, a PE ratio of 22.29, a P/E/G ratio of 1.26 and a beta of 0.97.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be paid a $0.55 dividend. The ex-dividend date is Thursday, September 13th. This is an increase from Northern Trust’s previous quarterly dividend of $0.42. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.04%. Northern Trust’s dividend payout ratio is 34.78%.
Northern Trust declared that its board has approved a stock buyback program on Tuesday, July 17th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the asset manager to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
NTRS has been the subject of a number of research analyst reports. Citigroup increased their target price on Northern Trust from $108.00 to $118.00 and gave the company a “neutral” rating in a report on Friday, July 20th. BidaskClub upgraded Northern Trust from a “sell” rating to a “hold” rating in a report on Friday, June 8th. Zacks Investment Research lowered Northern Trust from a “buy” rating to a “hold” rating in a report on Tuesday, June 19th. Credit Suisse Group increased their target price on Northern Trust from $112.00 to $114.00 and gave the company a “neutral” rating in a report on Friday, August 10th. Finally, Morgan Stanley upped their price target on shares of Northern Trust from $110.00 to $117.00 and gave the stock a “$108.44” rating in a research note on Thursday, July 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $115.06.
In other Northern Trust news, insider Peter Cherecwich sold 19,761 shares of the stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $111.35, for a total transaction of $2,200,387.35. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Biff Bowman sold 21,352 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $111.11, for a total transaction of $2,372,420.72. The disclosure for this sale can be found here. Insiders sold 76,636 shares of company stock worth $8,488,828 over the last ninety days. 1.04% of the stock is currently owned by company insiders.
About Northern Trust
Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates through Corporate & Institutional Services (C&IS) and Wealth Management segments.
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