Northern Trust CorporationNasdaq: NTRS
Financials · Asset Management & Custody Banks
$164.68
-1.00%
Vol: 611K
Research Digest
Friday, May 1, 2026
Northern Trust Q1 beats; $2.71 EPS with 700bps operating leverage
Northern Trust reported strong Q1 earnings with EPS of $2.71 beating $2.33 consensus and revenue of $2.213B up 14% year-over-year. The company demonstrated 700+ basis points of positive operating leverage with 32% pre-tax margins. Disclosed 100% payout ratio including $150.8M in dividends and $358.9M in stock repurchases. Stock trades at 17.5x trailing P/E versus analyst consensus target of $153.04, indicating room for upside valuation expansion.
Previous Market Intelligence
13 daysApr 30Northern Trust reports strong Q1 2026 with 14% revenue growth and 32% pre-tax marginPositive▶
Northern Trust reported Q1 net income of $525.5M with EPS of $2.71 and 14% revenue growth YoY. Operating leverage of 700+ basis points driven by disciplined expense management; pre-tax margin reached 32%. Company expanded asset servicing capabilities with Sacramento County Employees' Retirement System contract. Beata Kirr appointed Chief Investment Officer of Global Family Office. CFO David Fox Jr. sold $3.32M in stock on April 28-29. Stock shows strong fundamentals but experienced recent volatility.
Apr 29Northern Trust Q1 revenue $2.21B, EPS $2.71; CFO sells $3.32M sharesMixed▶
Northern Trust reported strong Q1 2026 net income of $525.5M with EPS of $2.71. Revenue increased 14% YoY supported by improved organic growth and elevated client activity. Company generated 700+ bps operating leverage and 32% pre-tax margin. Signed asset servicing contract with Sacramento County Employees' Retirement System ($15B). Expanded collaboration with Saphyre for account lifecycle services. Stock delivered 82% return YTD at $164.90 market cap $30.48B. However, CFO David Fox Jr. sold $3.32M shares at $165.74-$166.16 on April 28-29, signaling potential caution. Earnings call transcript available showing Q1 strength but recent insider selling tempers near-term sentiment.
Apr 16Goldman Sachs and BMO Capital upgrade ratings; Northern Trust Q1 results and annual meeting scheduled April 21.Positive▶
Northern Trust Corporation received positive analyst upgrades with Goldman Sachs upgrading to neutral from sell and BMO Capital upgrading to outperform from market perform on April 6, reflecting improved conviction in stock fundamentals despite fee pressure concerns. Company will webcast Q1 2026 earnings conference call and annual meeting of stockholders live on April 21 at 8:00 a.m. CT and 10:30 a.m. CT respectively. Massachusetts Financial Services reduced stake from 3.29% to 3.14% by selling 286,860 shares in Q4 13F filing, suggesting tactical rebalancing. Northern Trust donated $16 million globally with employees logging record 121,000 philanthropic hours, reinforcing leadership and stakeholder value creation. Stock slipped 0.25% overnight amid fee pressure headwinds but benefited from analyst upgrades.
Apr 15Goldman Sachs upgrades Northern Trust to Neutral with $151 price target; Q1 earnings call set for April 21.Positive▶
Northern Trust announced that Goldman Sachs upgraded its rating from Sell to Neutral and raised the price target to $151 from $148 on April 6. BMO Capital also upgraded from Market Perform to Outperform on the same day. The company is scheduled to webcast its Q1 2026 earnings on April 21. Northern Trust reported strong philanthropic activity in 2025, contributing $16 million to charity. A quarterly dividend of $0.80 was paid April 1.
Apr 14Northern Trust upgraded to Outperform by BMO Capital and Neutral by Goldman Sachs on April 6, reflecting analyst optimism.Positive▶
Northern Trust received dual analyst upgrades on April 6: BMO Capital upgraded from Market Perform to Outperform, while Goldman Sachs upgraded from Sell to Neutral. The bank expanded fund services partnerships. Q1 2026 earnings scheduled for April 21. Stock has gained 10.62% over 30 days.
Apr 13Northern Trust expanded First Sentier partnership and retained AMF Tjänstepension mandate while stock climbed 77.9% over past 12 months.Positive▶
NTRS onboarded First Sentier Group US mutual funds to Datum One Trust, expanding 20-year partnership. Retained and expanded mandate with Swedish pension provider AMF. Announced $16M in charitable giving and 121K employee volunteer hours. Truist lowered price target to $155 from $160 on April 1. Stock up 44.1% over 12 months with Q1 2026 earnings April 21.
Apr 10Northern Trust expands strategic partnerships with ICE ETF Hub and CLO servicesPositive▶
Northern Trust partnered with ICE ETF Hub for automated ETF servicing. Q1 2026 earnings expected April 21 with $2.27 EPS forecast, up 19.5% YoY.
Apr 9Northern Trust delivers strong Q4 results with mid-single-digit trust fee growth and positive operating leveragePositive▶
Northern Trust reported Q4 2025 net income of $466 million ($2.42 diluted EPS) with mid-single-digit trust fee growth and strong net interest income driving four points of operating leverage. The company hosts Q1 2026 earnings call on April 21, 2026, with "Hold" analyst consensus and $157.39 average price target implying 10.6% upside.
Apr 8Northern Trust announces $16M philanthropic giving and record 121,000 employee volunteer hours.Neutral▶
Northern Trust announced $16M charitable contributions in 2025. Recent business wins: First Sentier Group extension, ICE ETF Hub for US ETF servicing. Q1 2026 earnings April 21. Hold consensus $149.33.
Apr 7Northern Trust upgraded to Outperform by BMO Capital Markets; strong financial outlookPositive▶
Northern Trust received analyst upgrade from BMO Capital Markets (April 6) from market perform to outperform with $168 target (18.1% upside). Zacks also upgraded NTRS to strong-buy. Q1 2026 earnings call scheduled for April 21. Analysts expect Q1 EPS of $2.27 (up 19.5% YoY) and FY2026 EPS of $10.09 (up 12% YoY). Stock has outperformed S&P 500 by 44.1% over past 52 weeks, driven by trust fee growth, higher net interest income, and disciplined cost management. Company appointed for asset servicing by CK Capital Partners; added CAD$90B in AUM custody from Canadian clients.
Apr 6Northern Trust price target cut to $155 from $160 amid fee pressure concerns.Neutral▶
Truist Financial cut Northern Trust price objective from $160 to $155 on April 4, 2026, maintaining Hold rating. Asset manager faces fee pressures despite fair value estimates being raised. Stock slipped 0.25% as analysts raised estimates but expressed concerns over fee compression. Paid $0.80 quarterly dividend on April 1. Q1 2026 earnings call scheduled for April 21, 2026. Added CAD$90B+ in assets under custody from Canadian owners in 2025.
Apr 3Northern Trust announces Q1 2026 earnings call scheduled for April 21 with quarterly dividend of $0.80 per share.Neutral▶
Northern Trust announced it will webcast its First Quarter 2026 earnings conference call on April 21, 2026. The company declared a quarterly cash dividend of $0.80 per common share. Recent business wins include selection by Moorstone L.P. for hedge fund services and an agreement with ICE for ETF Hub servicing.
Apr 2Northern Trust declares $0.80 quarterly dividend; recent strategic partnerships expand asset servicingNeutral▶
Northern Trust declared a quarterly cash dividend of $0.80 per common share, payable April 1, 2026. The company extended relationships with First Sentier Group for U.S. Mutual Fund Transition services and selected Moorstone L.P. for commodities hedge fund services. Citi maintained Hold rating citing fee pressures despite analyst optimism on March 2026 initiatives. 14 analysts average rating is Hold with $127.77 target.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| NTRSNORTHERN | $164.68 | -1.00% | +16.1% | 14.1x | 1.24 | $30.8B |
| BLKBLACKROCK | $1,064.80 | -0.08% | +11.1% | 17.6x | 1.49 | $165.6B |
| BXBLACKSTONE | $126.71 | +0.90% | +11.9% | 16.6x | 1.74 | $153.5B |
| KKRKKR | $103.93 | -0.39% | +14.6% | 13.7x | 1.93 | $96.6B |
| BKBANK | $133.85 | -0.39% | +8.7% | 14.0x | 1.05 | $92.2B |
| APOAPOLLO | $130.72 | +1.55% | +21.3% | 12.1x | 1.56 | $74.2B |
Key Fundamentals
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52-Week Range
Moving Averages
Price above both MAs — bullish structure.