Smith Salley Wealth Management Reduces Holdings in Northern Trust Co. (NASDAQ:NTRS)

Smith Salley Wealth Management reduced its position in Northern Trust Co. (NASDAQ:NTRS) by 6.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,444 shares of the asset manager’s stock after selling 390 shares during the period. Smith Salley Wealth Management’s holdings in Northern Trust were worth $558,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Empirical Asset Management LLC acquired a new stake in shares of Northern Trust in the 4th quarter valued at about $33,000. Northwest Investment Counselors LLC bought a new stake in Northern Trust in the third quarter valued at about $39,000. Brooklyn Investment Group raised its stake in Northern Trust by 51.2% during the fourth quarter. Brooklyn Investment Group now owns 378 shares of the asset manager’s stock valued at $39,000 after buying an additional 128 shares in the last quarter. Capital Performance Advisors LLP bought a new position in Northern Trust during the 3rd quarter worth approximately $48,000. Finally, Eastern Bank acquired a new position in shares of Northern Trust in the 3rd quarter worth approximately $51,000. 83.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on NTRS. Truist Financial started coverage on shares of Northern Trust in a report on Tuesday, January 7th. They issued a “hold” rating and a $110.00 price objective for the company. Morgan Stanley decreased their price target on shares of Northern Trust from $127.00 to $125.00 and set an “equal weight” rating for the company in a report on Friday, January 3rd. Keefe, Bruyette & Woods increased their price objective on shares of Northern Trust from $100.00 to $113.00 and gave the stock a “market perform” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group downgraded Northern Trust from a “neutral” rating to a “sell” rating and decreased their target price for the company from $84.00 to $82.00 in a research note on Thursday, September 26th. Finally, 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 research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $107.17.

Northern Trust Stock Up 0.4 %

NTRS opened at $106.87 on Monday. The stock’s fifty day moving average is $105.73 and its 200-day moving average is $95.81. Northern Trust Co. has a one year low of $76.67 and a one year high of $111.87. The company has a market capitalization of $21.18 billion, a PE ratio of 13.29, a P/E/G ratio of 1.06 and a beta of 1.08. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 6th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend was Friday, December 6th. Northern Trust’s payout ratio is 37.31%.

Insider Activity

In other news, insider Teresa Parker sold 4,439 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $100.86, for a total value of $447,717.54. Following the completion of the sale, the insider now owns 79,326 shares of the company’s stock, valued at $8,000,820.36. This trade represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Steven L. Fradkin sold 27,874 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 46,078 shares of the company’s stock, valued at $4,630,839. The trade was a 37.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 82,151 shares of company stock worth $8,489,889. Corporate insiders own 0.64% 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.