Chevy Chase Trust Holdings LLC Reduces Stake in Northern Trust Co. (NASDAQ:NTRS)

Chevy Chase Trust Holdings LLC lowered its holdings in Northern Trust Co. (NASDAQ:NTRS) by 1.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 113,646 shares of the asset manager’s stock after selling 2,047 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.06% of Northern Trust worth $10,105,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in NTRS. Wellington Management Group LLP lifted its position in Northern Trust by 140.2% during the 4th quarter. Wellington Management Group LLP now owns 5,802,792 shares of the asset manager’s stock worth $489,640,000 after acquiring an additional 3,387,002 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Northern Trust by 31.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,533,855 shares of the asset manager’s stock worth $551,327,000 after acquiring an additional 1,553,783 shares during the period. Confluence Investment Management LLC acquired a new stake in Northern Trust during the 1st quarter worth approximately $105,665,000. Norges Bank acquired a new stake in Northern Trust during the 4th quarter worth approximately $90,532,000. Finally, Primecap Management Co. CA lifted its position in Northern Trust by 6.1% during the 4th quarter. Primecap Management Co. CA now owns 6,891,902 shares of the asset manager’s stock worth $581,539,000 after acquiring an additional 394,855 shares during the period. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Insider Transactions at Northern Trust

In related news, insider Steven L. Fradkin sold 4,097 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $82.56, for a total value of $338,248.32. Following the completion of the transaction, the insider now owns 46,078 shares of the company’s stock, valued at $3,804,199.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Northern Trust news, insider Steven L. Fradkin sold 4,097 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $82.56, for a total value of $338,248.32. Following the sale, the insider now directly owns 46,078 shares of the company’s stock, valued at $3,804,199.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Peter Cherecwich sold 12,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $87.09, for a total value of $1,045,080.00. Following the completion of the sale, the insider now directly owns 31,471 shares in the company, valued at $2,740,809.39. The disclosure for this sale can be found here. Company insiders own 0.64% of the company’s stock.

Northern Trust Stock Up 0.9 %

Shares of NASDAQ NTRS traded up $0.76 on Wednesday, hitting $84.69. The company had a trading volume of 268,532 shares, compared to its average volume of 1,352,953. Northern Trust Co. has a 12-month low of $62.44 and a 12-month high of $89.25. The business has a 50 day moving average of $83.66 and a two-hundred day moving average of $83.13. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $17.33 billion, a P/E ratio of 18.71, a PEG ratio of 1.17 and a beta of 1.10.

Northern Trust (NASDAQ:NTRS) last issued its earnings results on Tuesday, April 16th. The asset manager reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.23. Northern Trust had a return on equity of 12.57% and a net margin of 7.59%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.79 billion. As a group, equities research analysts forecast that Northern Trust Co. will post 6.91 earnings per share for the current fiscal year.

Northern Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 7th were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 3.54%. The ex-dividend date of this dividend was Friday, June 7th. Northern Trust’s payout ratio is 66.23%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Bank of America raised their price target on Northern Trust from $93.00 to $101.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. The Goldman Sachs Group reduced their price target on Northern Trust from $94.00 to $84.00 and set a “neutral” rating for the company in a report on Tuesday, July 2nd. Jefferies Financial Group lifted their price objective on Northern Trust from $101.00 to $103.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Evercore ISI lifted their price objective on Northern Trust from $86.00 to $87.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods cut their price target on Northern Trust from $92.00 to $85.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $86.42.

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.