Analyst Consensus ?
ConsensusHold34 ratings
Bullish1132.4%
Neutral1852.9%
Bearish514.7%
Northern Trust Corporation · NTRS · FY2024 Q4 · Calendar Q1 2025
Northern Trust: Growth Engines Strengthen, Rate Risks Remain
The supplied analysis supports a constructive but conditional view: fee growth, cross-selling, alternative investments and automation provide operating leverage, while rate sensitivity, pricing pressure and execution on expense discipline could limit the durability of earnings growth.
Reported Before market openNASDAQFinancial Services
$30.54B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.96
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.93B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.0%
Event window
SPY move
+0.5%
Same window
Abnormal move
+1.5%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
+3.1%
Up to 20 sessions
NTRSSPY benchmark
Ask FN2 about NTRS FY2024 Q4
Transcript, numbers and history already loaded
What drove NTRS's +2.0% move after FY2024 Q4 earnings?What changed in NTRS's guidance and outlook in FY2024 Q4?Give me the bull and bear case for NTRS after FY2024 Q4 earnings.
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Transcript intelligence
What changed
Relative to the prior-quarter analysis, the narrative shifts from launching products and partnerships toward scaling alternative investments, liquidity solutions, cross-selling and a centralized operating model using automation and AI. Management maintained its expense-discipline framework and emphasized continued capital returns.
Guidance delta
Maintained: management reaffirmed a 2025 expense-growth ceiling of 5% and an expense-to-fee ratio target of 105–110, while NII guidance assumes modest rate cuts.
Key takeaways
- Trust fees and net interest income posted double-digit growth, while EPS rose more than 50% year over year.
- One Northern Trust is emphasizing operating leverage through cross-selling, automation and AI adoption.
- Alternative investments, liquidity solutions and wealth-management relationships are the main growth priorities.
- A strong capital position supports continued dividends and share repurchases, but rates and pricing remain key risks.
Management priorities
- Expand alternative-investment and private-market offerings.
- Launch additional ETFs for wealth-management clients.
- Build the ultra-high-net-worth practice for clients with more than $100 million in assets.
- Centralize operations to increase automation and AI adoption.
- Maintain capital returns while targeting expense discipline.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$165.01Current
$85Low
$145.71Average
$194High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BMO Capital | Outperform | Outperform | Maintain | Oct 6, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 5, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 2, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Oct 1, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Jul 23, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Jul 23, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| Keefe, Bruyette & Woods | Underperform | Underperform | Maintain | Jul 9, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 7, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 26, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Apr 22, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 26, 2026 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Jul 24, 2025 |
| UBS | Neutral | Neutral | Maintain | Jan 27, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 11, 2024 |
| Jefferies | Buy | Buy | Maintain | Apr 18, 2024 |
| Credit Suisse | Underperform | Underperform | Maintain | Jun 14, 2023 |
| Seaport Global | Neutral | Buy | Downgrade | Apr 26, 2023 |
| Piper Sandler | Overweight | Overweight | Maintain | Jun 24, 2022 |
| Buckingham Research | Neutral | Neutral | Maintain | Jan 23, 2020 |
| Buckingham | Neutral | Neutral | Maintain | Jan 23, 2020 |
| Raymond James | Market Perform | Strong Buy | Downgrade | Jan 24, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Jan 11, 2019 |
| Sandler O'Neill | Buy | Hold | Upgrade | Oct 18, 2018 |
| CLSA | Underperform | Underperform | Maintain | Sep 23, 2016 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 22, 2015 |
| Northern Trust Corp | Outperform | Neutral | Upgrade | Dec 13, 2013 |
| Rafferty Capital | Buy | Hold | Upgrade | Oct 17, 2013 |
| Rafferty | Buy | Hold | Upgrade | Oct 17, 2013 |
| Evercore Partners | Underweight | Equal Weight | Downgrade | Jul 18, 2013 |
| Nomura | Neutral | Neutral | Maintain | Apr 17, 2013 |
| ISI Group | Buy | Buy | Maintain | Apr 17, 2013 |
| Guggenheim | Buy | Buy | Maintain | May 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $165.01. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Capital One Financial | Analyst unavailable | $190 | $170.15 | +15.1% | Oct 6, 2026 |
| Evercore ISI | Glenn Schorr | $183 | $169.36 | +10.9% | Oct 1, 2026 |
| Morgan Stanley | Manan Gosalia | $173 | $178.66 | +4.8% | Jul 23, 2026 |
| Wells Fargo | Analyst unavailable | $194 | $178.66 | +17.6% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $189 | $178.66 | +14.5% | Jul 23, 2026 |
| RBC Capital | Analyst unavailable | $178 | $178.66 | +7.9% | Jul 22, 2026 |
| Evercore ISI | Analyst unavailable | $179 | $180.44 | +8.5% | Jul 6, 2026 |
| Morgan Stanley | Analyst unavailable | $170 | $176.09 | +3.0% | Jun 29, 2026 |
| UBS | Analyst unavailable | $186 | $172.41 | +12.7% | Jun 26, 2026 |
| Goldman Sachs | Alexander Blostein | $148 | $150.08 | -10.3% | Jan 28, 2026 |
| RBC Capital | Analyst unavailable | $159 | $148.9 | -3.6% | Jan 23, 2026 |
| Truist Financial | Analyst unavailable | $148 | $144.12 | -10.3% | Jan 7, 2026 |
| Goldman Sachs | Alexander Blostein | $130 | $144 | -21.2% | Jan 6, 2026 |
| Barclays | Analyst unavailable | $160 | $139.28 | -3.0% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $139 | $124.28 | -15.8% | Oct 23, 2025 |
| Wells Fargo | Q3 EPS | $131 | $125.48 | -20.6% | Oct 23, 2025 |
| Wells Fargo | Analyst unavailable | $127 | $133.24 | -23.0% | Oct 3, 2025 |
| Truist Financial | Analyst unavailable | $142 | $131.2 | -13.9% | Oct 2, 2025 |
| Goldman Sachs | Analyst unavailable | $135 | $133.9 | -18.2% | Sep 30, 2025 |
| Morgan Stanley | Betsy Graseck | $131 | $133.31 | -20.6% | Sep 29, 2025 |
| RBC Capital | Analyst unavailable | $123 | $126.79 | -25.5% | Jun 30, 2025 |
| Morgan Stanley | Betsy Graseck | $95 | $83.46 | -42.4% | Apr 7, 2025 |
| Goldman Sachs | Alexander Blostein | $102 | $109.54 | -38.2% | Jan 23, 2025 |
| Wolfe Research | Steven Chubak | $110 | $102.25 | -33.3% | Jan 3, 2025 |
| Morgan Stanley | Betsy Graseck | $127 | $107.92 | -23.0% | Dec 9, 2024 |
| RBC Capital | Gerard Cassidy | $107 | $102.51 | -35.2% | Oct 24, 2024 |
| Evercore ISI | Glenn Schorr | $103 | $102.51 | -37.6% | Oct 24, 2024 |
| CFRA | Kenneth Leon | $107 | $102.51 | -35.2% | Oct 23, 2024 |
| Goldman Sachs | Alexander Blostein | $82 | $90.79 | -50.3% | Sep 25, 2024 |
| CFRA | Kenneth Leon | $95 | $86.16 | -42.4% | Jul 17, 2024 |
| Evercore ISI | Glenn Schorr | $86 | $79.56 | -47.9% | Apr 17, 2024 |
| CFRA | Kenneth Leon | $75 | $80.06 | -54.5% | Apr 16, 2024 |
| Deutsche Bank | Brian Bedell | $85 | $86.57 | -48.5% | Apr 5, 2024 |
| Deutsche Bank | Brian Bedell | $80 | $82.24 | -51.5% | Mar 19, 2024 |
| Morgan Stanley | Analyst unavailable | $101 | $96.19 | -38.8% | Feb 1, 2023 |
| Goldman Sachs | Analyst unavailable | $95 | $89.78 | -42.4% | Jan 4, 2023 |
| Morgan Stanley | Analyst unavailable | $102 | $92.77 | -38.2% | Dec 1, 2022 |
| Deutsche Bank | Analyst unavailable | $92 | $91.8 | -44.2% | Nov 15, 2022 |
| Deutsche Bank | Analyst unavailable | $145 | $107.88 | -12.1% | Apr 27, 2022 |
| Piper Sandler | Jeff Harte | $141 | $125.16 | -14.6% | Jan 6, 2022 |
| Seaport Global | James Mitchell | $151 | $123.62 | -8.5% | Jan 5, 2022 |
| Barclays | Jason Goldberg | $133 | $119.92 | -19.4% | Jan 3, 2022 |
| Credit Suisse | Susan Roth Katzke | $111 | $123.96 | -32.7% | Oct 20, 2021 |
| Wells Fargo | Mike Mayo | $125 | $106.72 | -24.2% | Oct 4, 2021 |
Track every rating change on NTRS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNorthern Trust Corporation, a financial holding company established in 1889 and based in Chicago, Illinois, offers a comprehensive suite of wealth management, asset servicing, asset management, and banking solutions worldwide. Its diverse client base includes corporations, institutions, families, and individual investors. The company structures its operations across two primary segments: Asset Servicing and Wealth Management. The Asset Servicing division delivers a broad spectrum of support and operational services tailored for institutional entities. These services include custody, fund administration, outsourced investment operations, investment management, investment risk and analytical reporting, employee benefit services, securities lending, foreign exchange, treasury management, brokerage, transition management, and banking and cash management solutions.…
Historical context
All NTRS earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| GL Globe Life Inc. | FY2026 Q3 · Calendar Q4 2026 | -1.2% | -3.8% | Globe Life: Premium Growth Holds as Health Margins Face Pressure |
| HBANL Huntington Bancshares Incorporated | FY2026 Q3 · Calendar Q4 2026 | — | +0.8% | Huntington maintains 2027 targets as fee businesses drive growth |
| NDAQ Nasdaq, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +6.9% | Nasdaq Q3 growth stays strong as AI and always-on markets advance |
| BCS Barclays PLC | FY2026 Q3 · Calendar Q4 2026 | — | -2.7% | Barclays: growth holds, but efficiency execution remains key |
| SEIC SEI Investments Company | FY2026 Q3 · Calendar Q4 2026 | +3.8% | +1.2% | SEI Posts Broad Q3 Growth as ETFs and Alternatives Expand |
| SF Stifel Financial Corp | FY2026 Q3 · Calendar Q4 2026 | +1.4% | -0.6% | Stifel posts record Q3 EPS as wealth management and lending lead |
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-09T00:03:38.009605+00:00
- Polygon adjusted daily market bars · 2026-10-22T14:10:46.466350+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T14:10:46.463543+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-22. For educational purposes only; not investment advice.