Van Hulzen Asset Management Boosts Stake in Northern Trust to $4.3 Million

Van Hulzen Asset Management LLC has increased its investment in Northern Trust Corporation (NASDAQ: NTRS) by 2.7% during the second quarter of 2023, now holding 33,905 shares valued at approximately $4.3 million. This acquisition reflects a broader trend among institutional investors, as several funds have recently adjusted their positions in the asset management company.

In the first quarter alone, Cetera Investment Advisers enhanced its stake by an impressive 32.0%, acquiring an additional 1,758 shares to bring its total holding to 7,245 shares worth around $715,000. Similarly, Assetmark Inc. raised its position by 54.9%, now owning 584 shares valued at $58,000 after purchasing 207 additional shares. Other notable increases include LPL Financial LLC, which boosted its stake by 48.4% to 67,068 shares worth $6.6 million, and Vestcor Inc., which grew its holdings by 30.3% to 4,186 shares valued at $413,000.

Natixis Advisors LLC also increased its investment by 8.1%, now owning 97,132 shares valued at $9.58 million. Overall, institutional investors currently own 83.19% of Northern Trust’s stock.

Market performance for Northern Trust has seen some fluctuations, with shares opening at $130.98 on Tuesday. The company maintains a market capitalization of $24.77 billion, with a debt-to-equity ratio of 0.58 and a P/E ratio of 15.27. The stock has traded between a fifty-two week low of $81.62 and a high of $135.48.

Dividend Announcement and Analyst Ratings

In addition to the increase in holdings, Northern Trust recently announced a quarterly dividend of $0.80, scheduled for payment on January 1, 2024. Shareholders on record as of December 5, 2023 will receive the dividend, which translates to an annualized yield of 2.4% based on a payout ratio of 37.30%.

Equities analysts have also provided insights into Northern Trust’s stock performance. On October 8, 2023, Weiss Ratings reaffirmed a “buy (b-)” rating, while The Goldman Sachs Group set a target price of $135.00 in a report issued on September 30, 2023. Morgan Stanley recently raised their target from $110.00 to $131.00, although they maintained an “underweight” rating. Other analysts have issued mixed ratings, with five recommending a buy, nine suggesting a hold, and three advising a sell. The consensus rating stands at “hold” with an average target price of $132.46.

Insider Transactions and Company Overview

Recent insider transactions provide additional context. Susan Cohen Levy, Executive Vice President, sold 27,591 shares on November 4, 2023, at an average price of $128.13, totaling approximately $3.54 million. Following this sale, Levy holds 48,257 shares valued at around $6.18 million, marking a decrease of 36.38% in her position. Conversely, Robert Edward Jr. Moritz, a director, purchased 3,891 shares on the same day for an average price of $128.57, increasing his holdings by 139.21% to 6,686 shares worth approximately $859,619.

Northern Trust Corporation operates as a financial holding company, providing a range of services including wealth management, asset servicing, and banking solutions globally. The company is divided into two segments: Asset Servicing and Wealth Management, offering comprehensive services to corporations, institutions, families, and individuals.

As Northern Trust navigates the complexities of the financial landscape, its recent activities reflect both confidence from institutional investors and the company’s commitment to delivering value to its shareholders.