Renaissance Technologies LLC Cuts Holdings in Northern Trust Co. (NASDAQ:NTRS)

Renaissance Technologies LLC cut its position in shares of Northern Trust Co. (NASDAQ:NTRS) by 15.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 329,598 shares of the asset manager’s stock after selling 58,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.16% of Northern Trust worth $27,680,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Olistico Wealth LLC purchased a new position in Northern Trust during the second quarter worth about $25,000. Innealta Capital LLC bought a new stake in Northern Trust in the second quarter worth about $26,000. Spartan Planning & Wealth Management raised its position in Northern Trust by 10,566.7% in the fourth quarter. Spartan Planning & Wealth Management now owns 320 shares of the asset manager’s stock worth $27,000 after acquiring an additional 317 shares during the period. Ridgewood Investments LLC bought a new stake in Northern Trust in the second quarter worth about $30,000. Finally, Versant Capital Management Inc raised its position in Northern Trust by 343.9% in the second quarter. Versant Capital Management Inc now owns 435 shares of the asset manager’s stock worth $37,000 after acquiring an additional 337 shares during the period. 83.19% of the stock is currently owned by hedge funds and other institutional investors.

Northern Trust Price Performance

Shares of Northern Trust stock opened at $92.62 on Friday. Northern Trust Co. has a 52-week low of $62.44 and a 52-week high of $92.66. The stock has a market capitalization of $18.95 billion, a price-to-earnings ratio of 20.45, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company has a fifty day moving average of $87.53 and a 200-day moving average of $85.21. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71.

Northern Trust (NASDAQ:NTRS) last announced its quarterly earnings data on Wednesday, July 17th. The asset manager reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.03. Northern Trust had a net margin of 10.53% and a return on equity of 12.24%. The company had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter in the prior year, the company earned $1.79 EPS. The firm’s revenue was up 53.8% on a year-over-year basis. Equities research analysts expect that Northern Trust Co. will post 7.01 EPS for the current year.

Northern Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be paid a $0.75 dividend. The ex-dividend date is Friday, September 6th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.24%. Northern Trust’s dividend payout ratio (DPR) is 66.23%.

Insider Buying and Selling at Northern Trust

In other Northern Trust news, Director Charles A. Tribbett sold 1,855 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $88.12, for a total transaction of $163,462.60. Following the completion of the sale, the director now owns 1,000 shares of the company’s stock, valued at approximately $88,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Northern Trust news, EVP Mark C. Gossett sold 6,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $88.90, for a total transaction of $533,400.00. Following the completion of the sale, the executive vice president now owns 28,707 shares of the company’s stock, valued at approximately $2,552,052.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles A. Tribbett sold 1,855 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $88.12, for a total transaction of $163,462.60. Following the sale, the director now directly owns 1,000 shares of the company’s stock, valued at approximately $88,120. The disclosure for this sale can be found here. Insiders sold 13,738 shares of company stock valued at $1,191,388 in the last quarter. Company insiders own 0.64% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. The Goldman Sachs Group lowered their price objective on shares of Northern Trust from $94.00 to $84.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 2nd. Royal Bank of Canada lifted their price objective on shares of Northern Trust from $86.00 to $90.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Keefe, Bruyette & Woods lowered their price target on shares of Northern Trust from $92.00 to $85.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Morgan Stanley lowered their price target on shares of Northern Trust from $97.00 to $93.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Northern Trust from $85.00 to $84.00 and set a “hold” rating on the stock in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given 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 target price of $88.75.

About Northern Trust

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.