Tributary Capital Management LLC Sells 35,200 Shares of Northern Trust Co. (NTRS)
Tributary Capital Management LLC trimmed its stake in Northern Trust Co. (NASDAQ:NTRS) by 62.0% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 21,600 shares of the asset manager’s stock after selling 35,200 shares during the quarter. Tributary Capital Management LLC’s holdings in Northern Trust were worth $2,206,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. Hexavest Inc. raised its stake in shares of Northern Trust by 26.6% during the third quarter. Hexavest Inc. now owns 2,319 shares of the asset manager’s stock valued at $237,000 after purchasing an additional 487 shares in the last quarter. Advisor Partners LLC raised its stake in shares of Northern Trust by 8.9% during the second quarter. Advisor Partners LLC now owns 6,468 shares of the asset manager’s stock valued at $666,000 after purchasing an additional 530 shares in the last quarter. World Asset Management Inc raised its stake in shares of Northern Trust by 4.0% during the third quarter. World Asset Management Inc now owns 13,870 shares of the asset manager’s stock valued at $1,417,000 after purchasing an additional 539 shares in the last quarter. Boston Advisors LLC raised its stake in shares of Northern Trust by 27.8% during the second quarter. Boston Advisors LLC now owns 2,760 shares of the asset manager’s stock valued at $284,000 after purchasing an additional 600 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. raised its stake in shares of Northern Trust by 0.9% during the second quarter. Cookson Peirce & Co. Inc. now owns 67,284 shares of the asset manager’s stock valued at $6,923,000 after purchasing an additional 610 shares in the last quarter. Institutional investors own 77.99% of the company’s stock.
A number of brokerages recently weighed in on NTRS. BidaskClub cut shares of Northern Trust from a “hold” rating to a “sell” rating in a research note on Wednesday. Wolfe Research began coverage on shares of Northern Trust in a research note on Tuesday, September 25th. They set a “market perform” rating on the stock. Morgan Stanley lifted their price objective on shares of Northern Trust from $110.00 to $117.00 and gave the company a “$108.44” rating in a research note on Thursday, July 19th. Zacks Investment Research upgraded shares of Northern Trust from a “hold” rating to a “buy” rating and set a $124.00 price objective on the stock in a research note on Friday, July 20th. Finally, UBS Group boosted their price target on shares of Northern Trust from $124.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $115.88.
Shares of Northern Trust stock opened at $94.21 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.34. Northern Trust Co. has a 52 week low of $91.20 and a 52 week high of $115.61. The stock has a market capitalization of $22.80 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 1.19 and a beta of 0.94.
Northern Trust (NASDAQ:NTRS) last issued its quarterly earnings results on Wednesday, October 17th. The asset manager reported $1.58 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.03). Northern Trust had a return on equity of 15.02% and a net margin of 22.88%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the firm posted $1.20 earnings per share. Northern Trust’s revenue was up 9.4% compared to the same quarter last year. As a group, analysts predict that Northern Trust Co. will post 6.69 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Shareholders of record on Friday, December 14th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.34%. Northern Trust’s dividend payout ratio (DPR) is presently 45.55%.
Northern Trust declared that its Board of Directors has authorized a share buyback program on Tuesday, July 17th that authorizes the company to repurchase 25,000,000 outstanding shares. This repurchase authorization authorizes the asset manager to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
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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