2,539 Shares in Northern Trust Co. (NASDAQ:NTRS) Purchased by Synovus Financial Corp

Synovus Financial Corp acquired a new stake in shares of Northern Trust Co. (NASDAQ:NTRS) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 2,539 shares of the asset manager’s stock, valued at approximately $229,000.

Other hedge funds also recently bought and sold shares of the company. &PARTNERS acquired a new stake in shares of Northern Trust in the second quarter valued at approximately $265,000. Allspring Global Investments Holdings LLC lifted its holdings in Northern Trust by 1.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 10,584 shares of the asset manager’s stock valued at $889,000 after acquiring an additional 131 shares during the last quarter. AlphaStar Capital Management LLC grew its position in Northern Trust by 884.4% in the second quarter. AlphaStar Capital Management LLC now owns 24,481 shares of the asset manager’s stock worth $2,056,000 after acquiring an additional 21,994 shares during the period. K.J. Harrison & Partners Inc purchased a new position in Northern Trust in the second quarter worth approximately $420,000. Finally, HB Wealth Management LLC increased its stake in Northern Trust by 12.2% during the second quarter. HB Wealth Management LLC now owns 2,986 shares of the asset manager’s stock worth $251,000 after acquiring an additional 324 shares during the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NTRS. Bank of America increased their price target on Northern Trust from $103.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. The Goldman Sachs Group cut shares of Northern Trust from a “neutral” rating to a “sell” rating and dropped their price target for the company from $84.00 to $82.00 in a research report on Thursday, September 26th. Morgan Stanley upgraded shares of Northern Trust from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $103.00 to $127.00 in a report on Monday, December 9th. Wells Fargo & Company lifted their target price on shares of Northern Trust from $108.00 to $110.00 and gave the company an “equal weight” rating in a report on Friday, November 15th. Finally, Royal Bank of Canada upped their price target on Northern Trust from $100.00 to $107.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $105.00.

Insider Transactions at Northern Trust

In related news, Vice Chairman Steven L. Fradkin sold 27,874 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $100.50, for a total value of $2,801,337.00. Following the completion of the transaction, the insider now directly owns 46,078 shares of the company’s stock, valued at $4,630,839. This represents a 37.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Peter Cherecwich sold 16,153 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $105.18, for a total transaction of $1,698,972.54. Following the sale, the chief operating officer now directly owns 4,397 shares in the company, valued at approximately $462,476.46. The trade was a 78.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,151 shares of company stock valued at $8,489,889. 0.64% of the stock is currently owned by corporate insiders.

Northern Trust Price Performance

Shares of NTRS opened at $100.51 on Friday. The firm has a market capitalization of $19.92 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.18 and a beta of 1.07. The firm’s fifty day simple moving average is $104.24 and its 200-day simple moving average is $92.75. Northern Trust Co. has a twelve month low of $76.67 and a twelve month high of $111.87. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58.

Northern Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 6th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Friday, December 6th. Northern Trust’s dividend payout ratio (DPR) is 37.31%.

Northern Trust Company 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.