Northern Trust Corp.
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+ FollowMarket Cap$30.95B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Strong Q3 performance with operating leverage
- Excluding notable items, revenue +11% YoY; drivers: trust fees +8%, net interest income (NII) +14%, capital markets revenues +38%.
- Expenses +5% YoY and the firm generated 600+ bps of positive operating leverage (strong scalability).
- Net income $642.9m, EPS $3.40 (+40% YoY); ROE 20.1%.
- Capital markets/trading remained strong even as volatility moderated vs. Q2.
Notable items helped reported results; underlying momentum matters
- Reported results included a $48.7m pre-tax gain from: sale of guardianship services (+$34m) and Visa exchange offer participation (+$14.7m) (together ~$36.6m favorable to net income).
- Core performance still looked healthy excluding these items: fee growth across segments and disciplined cost control.
- Assets under custody $20T (-1% QoQ, +9% YoY); AUM $2T (flat QoQ, +11% YoY).
Wealth + Asset Servicing strength; margins improving
- Wealth management: fees $612m (+9% YoY); AUM $536b (+9% YoY); pre-tax margin ~41%.
- Global Family Office (GFO): fees +16% YoY and strongest quarterly flows of the year; demand also growing for outsourced complex family office solutions.
- Asset servicing: pre-tax margin >30% (up 600 bps YoY); fees $762m (+8% YoY); strong custody/fund admin and securities lending (lending income +38% YoY).
- Opportunities: multiple “One Northern Trust” wins (e.g., UBS fund administration expansion; UK trading desk integration) supporting more complex, higher-value servicing.
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$427.12
139.9% upside
Current Fair Value
139.9% upsideUndervalued by 139.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $30.95 Billion |
|---|---|
| Enterprise Value | $1.21 Billion |
| Annual dividend | $3.28 |
| Dividend yield | 1.94% |
| Earnings per Share | $8.79 |
| Beta | 1.25 |
| Outstanding Shares | 182,038,000 |
Return
| Return on Equity | 18.16% |
|---|---|
| Return on Assets | 1.45% |
| Return on Invested Capital | 13.04% |
Valuation & Multiples
| P/E Ratio | 13.18 |
|---|---|
| PEG | 32.56 |
| Price to Sales | 2.12 |
| Price to Book Ratio | 2.44 |
| Enterprise Value to Revenue | 0.08 |
| Enterprise Value to EBIT | 0.38 |
| Enterprise Value to Net Income | 0 |
| Total Debt to Enterprise | 13.15 |
| Debt to Equity | 1.19 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$2.78
Consensus analyst estimateRevenue Estimate
$2.24 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 21, 2027
EPS Estimate
$3.06
Consensus analyst estimateRevenue Estimate
$2.29 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 50.72% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.84%▼ 80.97% |
|---|---|
| Total Invested | $1.20B▼ 95.59% |
| Investors Holding | 354▼ 690.00% |
About Northern Trust Corp.
20,900 employees
CEO: Michael O'Grady
Northern Trust Corporation is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a globa...