36,147 Shares in Northern Trust Corporation $NTRS Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC bought a new position in Northern Trust Corporation (NASDAQ:NTRS) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 36,147 shares of the asset manager’s stock, valued at approximately $5,045,000. Northern Trust accounts for approximately 0.8% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 29th biggest holding.

A number of other hedge funds have also added to or reduced their stakes in NTRS. Empowered Funds LLC increased its position in shares of Northern Trust by 13.3% during the first quarter. Empowered Funds LLC now owns 20,112 shares of the asset manager’s stock valued at $1,984,000 after buying an additional 2,363 shares during the period. Woodline Partners LP grew its stake in Northern Trust by 39.1% during the first quarter. Woodline Partners LP now owns 16,557 shares of the asset manager’s stock valued at $1,633,000 after acquiring an additional 4,653 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Northern Trust by 79.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the asset manager’s stock worth $171,000 after acquiring an additional 596 shares during the period. WINTON GROUP Ltd bought a new stake in Northern Trust during the 2nd quarter worth approximately $267,000. Finally, Daiwa Securities Group Inc. lifted its stake in Northern Trust by 4.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,290 shares of the asset manager’s stock worth $3,714,000 after purchasing an additional 1,275 shares in the last quarter. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Analyst Ratings Changes

NTRS has been the subject of several analyst reports. Evercore set a $179.00 price target on shares of Northern Trust in a report on Monday, July 6th. UBS Group set a $186.00 price objective on Northern Trust in a research report on Friday, June 26th. Keefe, Bruyette & Woods lifted their price objective on Northern Trust from $157.00 to $175.00 and gave the company an “underperform” rating in a research note on Thursday, July 9th. Morgan Stanley boosted their target price on Northern Trust from $157.00 to $170.00 and gave the stock an “underweight” rating in a research report on Monday, June 29th. Finally, Zacks Research upgraded Northern Trust from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $178.75.

Insider Buying and Selling

In related news, CFO David W. Fox, Jr. sold 19,987 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $166.16, for a total value of $3,321,039.92. Following the transaction, the chief financial officer owned 18,588 shares of the company’s stock, valued at $3,088,582.08. This represents a 51.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Edward Jr. Moritz purchased 225 shares of the stock in a transaction on Friday, May 1st. The shares were purchased at an average price of $166.41 per share, for a total transaction of $37,442.25. Following the transaction, the director directly owned 8,145 shares of the company’s stock, valued at approximately $1,355,409.45. This represents a 2.84% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders sold 22,800 shares of company stock worth $3,785,251. Corporate insiders own 0.66% of the company’s stock.

Northern Trust Price Performance

NTRS stock opened at $182.78 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.62 and a quick ratio of 0.62. Northern Trust Corporation has a one year low of $118.99 and a one year high of $191.60. The stock has a market cap of $33.82 billion, a PE ratio of 19.14, a P/E/G ratio of 1.18 and a beta of 1.25. The firm has a 50 day simple moving average of $173.43 and a two-hundred day simple moving average of $156.80.

Northern Trust (NASDAQ:NTRS) last posted its quarterly earnings data on Tuesday, April 21st. The asset manager reported $2.71 earnings per share for the quarter, beating the consensus estimate of $2.37 by $0.34. Northern Trust had a net margin of 12.84% and a return on equity of 15.94%. The firm had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the company posted $1.90 EPS. The business’s quarterly revenue was up 13.8% on a year-over-year basis. On average, analysts predict that Northern Trust Corporation will post 11.29 EPS for the current fiscal year.

Northern Trust Profile

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.