Northern Trust Co. (NASDAQ:NTRS) Sees Significant Decline in Short Interest

Northern Trust Co. (NASDAQ:NTRS) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 1,730,000 shares, a drop of 16.0% from the March 31st total of 2,060,000 shares. Based on an average trading volume of 1,550,000 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.9% of the company’s stock are sold short.

Northern Trust Stock Down 1.4 %

Northern Trust stock traded down $1.17 during trading hours on Tuesday, hitting $82.39. The company had a trading volume of 963,439 shares, compared to its average volume of 1,504,908. Northern Trust has a fifty-two week low of $62.44 and a fifty-two week high of $89.25. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market capitalization of $16.86 billion, a P/E ratio of 18.19, a price-to-earnings-growth ratio of 1.20 and a beta of 1.13. The firm’s fifty day moving average is $83.79 and its 200-day moving average is $79.90.

Northern Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, June 7th. This represents a $3.00 annualized dividend and a dividend yield of 3.64%. Northern Trust’s dividend payout ratio is 66.23%.

Analyst Ratings Changes

Several brokerages recently issued reports on NTRS. Royal Bank of Canada raised their price objective on Northern Trust from $82.00 to $86.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Bank of America raised their target price on Northern Trust from $93.00 to $101.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Jefferies Financial Group raised their target price on Northern Trust from $101.00 to $103.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Morgan Stanley reiterated an “underweight” rating and issued a $86.00 target price (up from $82.00) on shares of Northern Trust in a research note on Tuesday, January 30th. Finally, Wolfe Research cut shares of Northern Trust from a “peer perform” rating to an “underperform” rating and set a $85.00 price objective on the stock. in a research note on Wednesday, January 3rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $84.92.

Insider Buying and Selling at Northern Trust

In other Northern Trust news, insider Steven L. Fradkin sold 30,392 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $80.11, for a total value of $2,434,703.12. Following the completion of the sale, the insider now owns 55,707 shares of the company’s stock, valued at $4,462,687.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.64% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Northern Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NTRS. Ballast Inc. lifted its stake in Northern Trust by 1.1% in the fourth quarter. Ballast Inc. now owns 12,208 shares of the asset manager’s stock valued at $1,030,000 after acquiring an additional 136 shares during the last quarter. Mather Group LLC. lifted its stake in Northern Trust by 3.6% in the fourth quarter. Mather Group LLC. now owns 4,271 shares of the asset manager’s stock valued at $360,000 after acquiring an additional 147 shares during the last quarter. Aviance Capital Partners LLC lifted its stake in Northern Trust by 1.8% in the fourth quarter. Aviance Capital Partners LLC now owns 8,585 shares of the asset manager’s stock valued at $724,000 after acquiring an additional 150 shares during the last quarter. Diversified Trust Co lifted its stake in Northern Trust by 1.9% in the fourth quarter. Diversified Trust Co now owns 8,531 shares of the asset manager’s stock valued at $720,000 after acquiring an additional 156 shares during the last quarter. Finally, Quent Capital LLC lifted its stake in shares of Northern Trust by 77.8% in the fourth quarter. Quent Capital LLC now owns 361 shares of the asset manager’s stock worth $30,000 after buying an additional 158 shares during the last quarter. Institutional investors own 83.19% of the company’s stock.

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.