Lazard Asset Management LLC Makes New $2.76 Million Investment in Northern Trust Co. (NASDAQ:NTRS) (2024)

Lazard Asset Management LLC bought a new position in Northern Trust Co. (NASDAQ:NTRS – Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 31,055 shares of the asset manager’s stock, valued at approximately $2,761,000.

Several other institutional investors also recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. raised its stake in Northern Trust by 59.2% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 11,996 shares of the asset manager’s stock valued at $1,012,000 after purchasing an additional 4,460 shares during the period. Quent Capital LLC raised its holdings in shares of Northern Trust by 77.8% during the fourth quarter. Quent Capital LLC now owns 361 shares of the asset manager’s stock worth $30,000 after acquiring an additional 158 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Northern Trust by 10.8% during the fourth quarter. Fifth Third Bancorp now owns 10,359 shares of the asset manager’s stock worth $874,000 after acquiring an additional 1,013 shares in the last quarter. Perfromance Wealth Partners LLC purchased a new stake in shares of Northern Trust during the fourth quarter worth $241,000. Finally, Oak Thistle LLC purchased a new stake in shares of Northern Trust during the fourth quarter worth $2,122,000. Institutional investors own 83.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. The Goldman Sachs Group cut their target price on Northern Trust from $94.00 to $84.00 and set a “neutral” rating on the stock in a report on Tuesday, July 2nd. 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 research report on Wednesday, April 17th. Jefferies Financial Group raised their price target on Northern Trust from $101.00 to $103.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Keefe, Bruyette & Woods decreased their target price on 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. Finally, Royal Bank of Canada raised their price target on shares of Northern Trust from $86.00 to $90.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Northern Trust has a consensus rating of “Hold” and a consensus target price of $86.75.

Northern Trust Price Performance

Shares of NASDAQ NTRS opened at $88.60 on Tuesday. The firm has a market cap of $18.13 billion, a PE ratio of 19.56, a PEG ratio of 1.33 and a beta of 1.10. 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 Co. has a 1-year low of $62.44 and a 1-year high of $92.46. The company has a fifty day moving average price of $84.31 and a 200 day moving average price of $83.49.

Northern Trust (NASDAQ:NTRS – Get Free Report) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the prior year, the firm earned $1.79 EPS. Northern Trust’s quarterly revenue was up 53.8% compared to the same quarter last year. Research analysts predict that Northern Trust Co. will post 7.02 earnings per share for the current fiscal year.

Northern Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, September 6th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.39%. Northern Trust’s payout ratio is presently 66.23%.

Insiders Place Their Bets

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

About Northern Trust

(Free Report)

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.