Convergence Investment Partners LLC Buys 8,629 Shares of Northern Trust Co. (NASDAQ:NTRS)

Convergence Investment Partners LLC raised its stake in shares of Northern Trust Co. (NASDAQ:NTRS) by 51.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 25,426 shares of the asset manager’s stock after purchasing an additional 8,629 shares during the quarter. Convergence Investment Partners LLC’s holdings in Northern Trust were worth $2,606,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Kentucky Retirement Systems Insurance Trust Fund increased its holdings in shares of Northern Trust by 33.2% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 7,955 shares of the asset manager’s stock worth $815,000 after purchasing an additional 1,985 shares during the period. Venturi Wealth Management LLC increased its holdings in shares of Northern Trust by 434.6% during the 4th quarter. Venturi Wealth Management LLC now owns 1,791 shares of the asset manager’s stock worth $184,000 after purchasing an additional 1,456 shares during the period. Truist Financial Corp boosted its position in shares of Northern Trust by 6.4% during the 4th quarter. Truist Financial Corp now owns 12,313 shares of the asset manager’s stock valued at $1,262,000 after acquiring an additional 744 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Northern Trust by 1.0% during the 4th quarter. CIBC Asset Management Inc now owns 34,954 shares of the asset manager’s stock valued at $3,583,000 after acquiring an additional 356 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Northern Trust by 0.5% during the 4th quarter. Principal Financial Group Inc. now owns 235,430 shares of the asset manager’s stock valued at $24,132,000 after acquiring an additional 1,187 shares in the last quarter. Institutional investors own 83.19% of the company’s stock.

Northern Trust Trading Up 2.7 %

Shares of NASDAQ NTRS opened at $113.81 on Wednesday. Northern Trust Co. has a 1-year low of $78.75 and a 1-year high of $114.67. The company has a market cap of $22.56 billion, a PE ratio of 11.64, a P/E/G ratio of 1.68 and a beta of 1.08. The company has a current ratio of 0.68, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. The company has a 50-day moving average of $106.64 and a two-hundred day moving average of $99.46.

Northern Trust (NASDAQ:NTRS) last announced its earnings results on Thursday, January 23rd. The asset manager reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.30. Northern Trust had a net margin of 12.77% and a return on equity of 13.74%. As a group, equities analysts expect that Northern Trust Co. will post 8.25 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, March 14th. Northern Trust’s dividend payout ratio is presently 30.67%.

Analysts Set New Price Targets

NTRS has been the topic of several recent research reports. Keefe, Bruyette & Woods lifted their target price on shares of Northern Trust from $113.00 to $122.00 and gave the company a “market perform” rating in a research report on Friday, January 24th. StockNews.com upgraded shares of Northern Trust from a “hold” rating to a “buy” rating in a research report on Friday, January 24th. Truist Financial lifted their target price on shares of Northern Trust from $110.00 to $116.00 and gave the company a “hold” rating in a research report on Friday, January 24th. The Goldman Sachs Group lifted their target price on shares of Northern Trust from $92.00 to $102.00 and gave the company a “sell” rating in a research report on Friday, January 24th. Finally, Morgan Stanley reduced their price target on shares of Northern Trust from $127.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Friday, January 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Northern Trust currently has an average rating of “Hold” and a consensus target price of $112.58.

Insiders Place Their Bets

In related news, COO Peter Cherecwich sold 26,132 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $112.36, for a total transaction of $2,936,191.52. Following the completion of the sale, the chief operating officer now directly owns 26,586 shares of the company’s stock, valued at $2,987,202.96. The trade was a 49.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Steven L. Fradkin sold 9,100 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was 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 approximately $5,305,467. This trade represents a 15.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,631 shares of company stock valued at $4,550,459. 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.