Dai ichi Life Insurance Company Ltd Cuts Holdings in Northern Trust Co. (NASDAQ:NTRS)

Dai ichi Life Insurance Company Ltd lowered its holdings in Northern Trust Co. (NASDAQ:NTRS - Free Report) by 85.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 7,407 shares of the asset manager's stock after selling 44,000 shares during the quarter. Dai ichi Life Insurance Company Ltd's holdings in Northern Trust were worth $667,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NTRS. Massachusetts Financial Services Co. MA increased its position in shares of Northern Trust by 13.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,413,620 shares of the asset manager's stock worth $622,596,000 after purchasing an additional 850,556 shares in the last quarter. Panagora Asset Management Inc. grew its stake in Northern Trust by 4,660.5% during the 2nd quarter. Panagora Asset Management Inc. now owns 399,932 shares of the asset manager's stock worth $33,586,000 after buying an additional 391,531 shares during the last quarter. Primecap Management Co. CA increased its position in Northern Trust by 3.9% during the second quarter. Primecap Management Co. CA now owns 7,046,757 shares of the asset manager's stock worth $591,787,000 after buying an additional 261,285 shares during the period. Dimensional Fund Advisors LP lifted its stake in Northern Trust by 12.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,003,675 shares of the asset manager's stock valued at $168,253,000 after buying an additional 219,387 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Northern Trust by 55.1% in the second quarter. AQR Capital Management LLC now owns 597,146 shares of the asset manager's stock valued at $49,575,000 after acquiring an additional 212,089 shares during the period. Institutional investors and hedge funds own 83.19% of the company's stock.

Insider Activity at Northern Trust

In other news, COO Peter Cherecwich sold 16,153 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $105.18, for a total transaction of $1,698,972.54. Following the completion of the transaction, the chief operating officer now owns 4,397 shares of the company's stock, valued at $462,476.46. This represents a 78.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles A. Tribbett sold 1,855 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $88.12, for a total transaction of $163,462.60. Following the transaction, the director now owns 1,000 shares in the company, valued at approximately $88,120. The trade was a 64.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,906 shares of company stock valued at $7,643,252. 0.64% of the stock is owned by insiders.

Northern Trust Price Performance

NASDAQ:NTRS traded up $0.57 during trading hours on Friday, reaching $111.16. 621,275 shares of the company traded hands, compared to its average volume of 1,293,595. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71. The firm's 50-day moving average is $99.35 and its 200-day moving average is $90.41. The stock has a market cap of $22.03 billion, a P/E ratio of 13.75, a P/E/G ratio of 1.24 and a beta of 1.06. Northern Trust Co. has a 1-year low of $76.67 and a 1-year high of $111.87.

Northern Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 6th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Friday, December 6th. Northern Trust's dividend payout ratio is presently 37.31%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NTRS. UBS Group lifted their price objective on shares of Northern Trust from $86.00 to $92.00 and gave the company a "neutral" rating in a research note on Tuesday, October 8th. 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. Morgan Stanley lifted their price objective on shares of Northern Trust from $97.00 to $103.00 and gave the company an "underweight" rating in a research report on Thursday, October 24th. Barclays upped their price objective on shares of Northern Trust from $98.00 to $115.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 24th. Finally, Bank of America lifted their target price on shares of Northern Trust from $103.00 to $115.00 and gave the company a "buy" rating in a report on Thursday, October 24th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Northern Trust has an average rating of "Hold" and a consensus price target of $100.67.

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.