Corebridge Financial Inc. Trims Stake in Northern Trust Co. (NASDAQ:NTRS)

Corebridge Financial Inc. lessened its holdings in shares of Northern Trust Co. (NASDAQ:NTRS) by 6.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,919 shares of the asset manager’s stock after selling 3,128 shares during the quarter. Corebridge Financial Inc.’s holdings in Northern Trust were worth $4,809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in Northern Trust by 9.9% during the third quarter. JPMorgan Chase & Co. now owns 4,296,442 shares of the asset manager’s stock valued at $386,809,000 after purchasing an additional 388,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Northern Trust by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,577,091 shares of the asset manager’s stock worth $141,986,000 after acquiring an additional 16,500 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Northern Trust by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,267,406 shares of the asset manager’s stock worth $129,909,000 after acquiring an additional 8,102 shares during the period. KBC Group NV boosted its position in shares of Northern Trust by 201.6% in the fourth quarter. KBC Group NV now owns 963,811 shares of the asset manager’s stock worth $98,791,000 after purchasing an additional 644,261 shares during the period. Finally, Boston Trust Walden Corp increased its stake in shares of Northern Trust by 1.6% in the fourth quarter. Boston Trust Walden Corp now owns 928,854 shares of the asset manager’s stock worth $95,208,000 after purchasing an additional 14,362 shares in the last quarter. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Northern Trust Stock Performance

NASDAQ:NTRS opened at $97.15 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.68. The stock’s fifty day moving average is $107.04 and its 200 day moving average is $102.88. The firm has a market capitalization of $19.01 billion, a PE ratio of 9.93, a PEG ratio of 1.72 and a beta of 1.07. Northern Trust Co. has a fifty-two week low of $79.32 and a fifty-two week high of $114.67.

Northern Trust (NASDAQ:NTRS) last released its quarterly earnings results on Thursday, January 23rd. The asset manager reported $2.26 EPS 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%. On average, sell-side analysts anticipate that Northern Trust Co. will post 8.27 earnings per share for the current year.

Northern Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Friday, March 14th. Northern Trust’s dividend payout ratio is presently 30.67%.

Insider Buying and Selling

In other news, COO Peter Cherecwich sold 26,132 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $112.36, for a total value of $2,936,191.52. Following the completion of the sale, the chief operating officer now owns 26,586 shares in the company, valued at approximately $2,987,202.96. The trade was a 49.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason J. Tyler sold 2,237 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $112.67, for a total value of $252,042.79. Following the sale, the insider now owns 58,449 shares of the company’s stock, valued at approximately $6,585,448.83. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,335 shares of company stock valued at $3,970,211 over the last quarter. 0.64% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NTRS has been the topic of a number of analyst reports. UBS Group lifted their target price on shares of Northern Trust from $110.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. StockNews.com lowered Northern Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Barclays lifted their target price on Northern Trust from $115.00 to $118.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Citigroup dropped their price target on Northern Trust from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, The Goldman Sachs Group boosted their target price on shares of Northern Trust from $92.00 to $102.00 and gave the stock a “sell” rating in a report on Friday, January 24th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $113.46.

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.