Northern Trust (NTRS)
Market Price (10/5/2026): $171.43 | Market Cap: $31.5 BilInvestor Relations Sector: Financials | Industry: Asset Management & Custody Banks
Northern Trust (NTRS)
Market Price (10/5/2026): $171.43Market Cap: $31.5 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.2% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -171% Stock buyback supportStock Buyback 3Y Total is 3.1 Bil Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Sustainable Finance. Themes include Wealth Management Technology, Show more. | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 60x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4% Key risksNTRS key risks include [1] intense competition from established rivals like State Street and BNY Mellon, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.2% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -171% |
| Stock buyback supportStock Buyback 3Y Total is 3.1 Bil |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Sustainable Finance. Themes include Wealth Management Technology, Show more. |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 60x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4% |
| Key risksNTRS key risks include [1] intense competition from established rivals like State Street and BNY Mellon, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/1/2026
Northern Trust (NTRS) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Q2 2026 Performance and Shareholder Returns. Northern Trust reported robust fiscal Q2 2026 earnings on July 22, 2026, with earnings per share (EPS) of $4.23, exceeding analyst estimates of $2.71 by $1.52. Revenue grew 35.1% year-over-year to $2.71 billion, surpassing analyst estimates of $2.69 billion. This performance included an eighth consecutive quarter of positive organic trust-fee growth and more than 700 basis points of operating leverage. Further demonstrating financial strength, the company increased its quarterly common stock dividend by 10%, or $0.08 per share, to $0.88, payable on October 1, 2026. These company-specific achievements likely provided a strong foundational support for the stock, preventing a significant decline.
2. Broad Financial Sector Pressure from Rising Treasury Yields and Federal Reserve Policy. Despite company-specific strengths, the broader financial sector faced headwinds from macroeconomic factors during fiscal Q3 2026. Elevated 10- and 30-year Treasury yields pressured financial sector valuations, and a significant sell-off across major banks and financial services occurred when the 10-year Treasury yield climbed near 5% after the Federal Reserve raised its rate to 3.75%-4.00%. This upward movement in rates, coupled with persistent inflation and the Fed's focus on price containment, introduced uncertainty regarding net interest margin expectations and broader economic conditions, creating a cautious environment for financial stocks like Northern Trust.
Show more
Northern Trust (NTRS) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Q2 2026 Performance and Shareholder Returns. Northern Trust reported robust fiscal Q2 2026 earnings on July 22, 2026, with earnings per share (EPS) of $4.23, exceeding analyst estimates of $2.71 by $1.52. Revenue grew 35.1% year-over-year to $2.71 billion, surpassing analyst estimates of $2.69 billion. This performance included an eighth consecutive quarter of positive organic trust-fee growth and more than 700 basis points of operating leverage. Further demonstrating financial strength, the company increased its quarterly common stock dividend by 10%, or $0.08 per share, to $0.88, payable on October 1, 2026. These company-specific achievements likely provided a strong foundational support for the stock, preventing a significant decline.
2. Broad Financial Sector Pressure from Rising Treasury Yields and Federal Reserve Policy. Despite company-specific strengths, the broader financial sector faced headwinds from macroeconomic factors during fiscal Q3 2026. Elevated 10- and 30-year Treasury yields pressured financial sector valuations, and a significant sell-off across major banks and financial services occurred when the 10-year Treasury yield climbed near 5% after the Federal Reserve raised its rate to 3.75%-4.00%. This upward movement in rates, coupled with persistent inflation and the Fed's focus on price containment, introduced uncertainty regarding net interest margin expectations and broader economic conditions, creating a cautious environment for financial stocks like Northern Trust.
Show more
Updated on 10/1/2026
Northern Trust (NTRS) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Q2 2026 Performance and Shareholder Returns. Northern Trust reported robust fiscal Q2 2026 earnings on July 22, 2026, with earnings per share (EPS) of $4.23, exceeding analyst estimates of $2.71 by $1.52. Revenue grew 35.1% year-over-year to $2.71 billion, surpassing analyst estimates of $2.69 billion. This performance included an eighth consecutive quarter of positive organic trust-fee growth and more than 700 basis points of operating leverage. Further demonstrating financial strength, the company increased its quarterly common stock dividend by 10%, or $0.08 per share, to $0.88, payable on October 1, 2026. These company-specific achievements likely provided a strong foundational support for the stock, preventing a significant decline.
2. Broad Financial Sector Pressure from Rising Treasury Yields and Federal Reserve Policy. Despite company-specific strengths, the broader financial sector faced headwinds from macroeconomic factors during fiscal Q3 2026. Elevated 10- and 30-year Treasury yields pressured financial sector valuations, and a significant sell-off across major banks and financial services occurred when the 10-year Treasury yield climbed near 5% after the Federal Reserve raised its rate to 3.75%-4.00%. This upward movement in rates, coupled with persistent inflation and the Fed's focus on price containment, introduced uncertainty regarding net interest margin expectations and broader economic conditions, creating a cautious environment for financial stocks like Northern Trust.
3. Neutral Analyst Sentiment and Price Targets. Leading into and throughout fiscal Q3 2026, analyst sentiment for Northern Trust remained largely neutral, contributing to the stock's stable performance. Across 13 to 15 analysts, the consensus rating was predominantly "Hold," with an average 12-month price target ranging from $180.27 to $186.58. This suggested a modest upside potential of approximately 4.47% to 6.92% from the stock's price around $172-$175 in late September 2026, indicating that the market did not anticipate significant upward or downward catalysts in the short term, thus supporting a sideways trend.
Show less
Northern Trust (NTRS) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Q2 2026 Performance and Shareholder Returns. Northern Trust reported robust fiscal Q2 2026 earnings on July 22, 2026, with earnings per share (EPS) of $4.23, exceeding analyst estimates of $2.71 by $1.52. Revenue grew 35.1% year-over-year to $2.71 billion, surpassing analyst estimates of $2.69 billion. This performance included an eighth consecutive quarter of positive organic trust-fee growth and more than 700 basis points of operating leverage. Further demonstrating financial strength, the company increased its quarterly common stock dividend by 10%, or $0.08 per share, to $0.88, payable on October 1, 2026. These company-specific achievements likely provided a strong foundational support for the stock, preventing a significant decline.
2. Broad Financial Sector Pressure from Rising Treasury Yields and Federal Reserve Policy. Despite company-specific strengths, the broader financial sector faced headwinds from macroeconomic factors during fiscal Q3 2026. Elevated 10- and 30-year Treasury yields pressured financial sector valuations, and a significant sell-off across major banks and financial services occurred when the 10-year Treasury yield climbed near 5% after the Federal Reserve raised its rate to 3.75%-4.00%. This upward movement in rates, coupled with persistent inflation and the Fed's focus on price containment, introduced uncertainty regarding net interest margin expectations and broader economic conditions, creating a cautious environment for financial stocks like Northern Trust.
3. Neutral Analyst Sentiment and Price Targets. Leading into and throughout fiscal Q3 2026, analyst sentiment for Northern Trust remained largely neutral, contributing to the stock's stable performance. Across 13 to 15 analysts, the consensus rating was predominantly "Hold," with an average 12-month price target ranging from $180.27 to $186.58. This suggested a modest upside potential of approximately 4.47% to 6.92% from the stock's price around $172-$175 in late September 2026, indicating that the market did not anticipate significant upward or downward catalysts in the short term, thus supporting a sideways trend.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -0.9% change in NTRS stock from 6/30/2026 to 10/4/2026 was primarily driven by a -18.0% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 173.02 | 171.40 | -0.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,352 | 9,052 | 8.4% |
| Net Income Margin (%) | 22.4% | 24.8% | 10.6% |
| P/E Multiple | 17.2 | 14.1 | -18.0% |
| Shares Outstanding (Mil) | 185 | 184 | 0.8% |
| Cumulative Contribution | -0.9% |
Market Drivers
6/30/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| NTRS | -0.9% | |
| Market (SPY) | 3.1% | 46.0% |
| Sector (XLF) | -0.2% | 60.6% |
Fundamental Drivers
The 24.0% change in NTRS stock from 3/31/2026 to 10/4/2026 was primarily driven by a 15.3% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 138.27 | 171.40 | 24.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,086 | 9,052 | 11.9% |
| Net Income Margin (%) | 21.5% | 24.8% | 15.3% |
| P/E Multiple | 14.9 | 14.1 | -5.7% |
| Shares Outstanding (Mil) | 187 | 184 | 1.9% |
| Cumulative Contribution | 24.0% |
Market Drivers
3/31/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| NTRS | 24.0% | |
| Market (SPY) | 18.6% | 34.6% |
| Sector (XLF) | 8.7% | 52.1% |
Fundamental Drivers
The 30.0% change in NTRS stock from 9/30/2025 to 10/4/2026 was primarily driven by a 15.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 131.81 | 171.40 | 30.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,866 | 9,052 | 15.1% |
| Net Income Margin (%) | 22.0% | 24.8% | 12.3% |
| P/E Multiple | 14.7 | 14.1 | -4.0% |
| Shares Outstanding (Mil) | 193 | 184 | 4.8% |
| Cumulative Contribution | 30.0% |
Market Drivers
9/30/2025 to 10/4/2026| Return | Correlation | |
|---|---|---|
| NTRS | 30.0% | |
| Market (SPY) | 16.5% | 47.7% |
| Sector (XLF) | 0.5% | 64.8% |
Fundamental Drivers
The 168.6% change in NTRS stock from 9/30/2023 to 10/4/2026 was primarily driven by a 37.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.82 | 171.40 | 168.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,776 | 9,052 | 33.6% |
| Net Income Margin (%) | 18.0% | 24.8% | 37.9% |
| P/E Multiple | 10.9 | 14.1 | 29.2% |
| Shares Outstanding (Mil) | 208 | 184 | 12.9% |
| Cumulative Contribution | 168.6% |
Market Drivers
9/30/2023 to 10/4/2026| Return | Correlation | |
|---|---|---|
| NTRS | 168.6% | |
| Market (SPY) | 86.2% | 58.7% |
| Sector (XLF) | 68.3% | 69.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NTRS Return | 32% | -24% | -1% | 26% | 37% | 26% | 115% |
| Peers Return | 38% | -17% | 7% | 30% | 31% | 8% | 126% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| NTRS Win Rate | 58% | 33% | 42% | 67% | 67% | 56% | |
| Peers Win Rate | 67% | 46% | 44% | 60% | 67% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| NTRS Max Drawdown | -13% | -41% | -35% | -11% | -25% | -12% | |
| Peers Max Drawdown | -14% | -37% | -33% | -14% | -28% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BAC, MS, USB, STT, FGC. See NTRS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)
How Low Can It Go
| Event | NTRS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.2% | -18.8% |
| % Gain to Breakeven | 33.6% | 23.1% |
| Time to Breakeven | 76 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.7% | -9.5% |
| % Gain to Breakeven | 23.0% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.1% | -6.7% |
| % Gain to Breakeven | 41.1% | 7.1% |
| Time to Breakeven | 517 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.7% | -24.5% |
| % Gain to Breakeven | 53.1% | 32.4% |
| Time to Breakeven | 767 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.0% | -33.7% |
| % Gain to Breakeven | 64.0% | 50.9% |
| Time to Breakeven | 304 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.8% | -19.2% |
| % Gain to Breakeven | 34.8% | 23.8% |
| Time to Breakeven | 308 days | 105 days |
In The Past
Northern Trust's stock fell -25.2% during the 2025 US Tariff Shock. Such a loss loss requires a 33.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | NTRS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.2% | -18.8% |
| % Gain to Breakeven | 33.6% | 23.1% |
| Time to Breakeven | 76 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.1% | -6.7% |
| % Gain to Breakeven | 41.1% | 7.1% |
| Time to Breakeven | 517 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.7% | -24.5% |
| % Gain to Breakeven | 53.1% | 32.4% |
| Time to Breakeven | 767 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.0% | -33.7% |
| % Gain to Breakeven | 64.0% | 50.9% |
| Time to Breakeven | 304 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.8% | -19.2% |
| % Gain to Breakeven | 34.8% | 23.8% |
| Time to Breakeven | 308 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.1% | -12.2% |
| % Gain to Breakeven | 41.0% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.4% | -17.9% |
| % Gain to Breakeven | 34.0% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.6% | -53.4% |
| % Gain to Breakeven | 125.1% | 114.4% |
| Time to Breakeven | 2078 days | 1085 days |
In The Past
Northern Trust's stock fell -25.2% during the 2025 US Tariff Shock. Such a loss loss requires a 33.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Northern Trust (NTRS)
Northern Trust Corporation (NTRS) is a financial holding company providing a comprehensive suite of wealth management, asset servicing, asset management, and banking solutions to clients worldwide. The company essentially acts as a trusted partner for both large institutions and affluent individuals, helping them manage, grow, and protect their financial assets through a range of specialized services.
The company operates primarily through two segments. Its Corporate & Institutional Services (C&IS) segment caters to institutional clients such as corporate and public retirement funds, foundations, endowments, and sovereign wealth funds. For these clients, Northern Trust offers essential services including custody, fund administration, investment operations outsourcing, securities lending, and treasury management. Concurrently, the Wealth Management segment focuses on high-net-worth individuals, families, business owners, and executives, providing services like trust and investment management, financial consulting, private and business banking, and estate administration. Northern Trust also offers extensive asset management services across various asset classes, from equities and fixed income to alternative investments, delivering these through diverse investment vehicles.
AI Analysis | Feedback
- It's like **JPMorgan Chase's** private banking and wealth management division, but exclusively for the ultra-rich and families.
- It's the 'Amazon Web Services' for large institutional investors, handling all the complex asset servicing and management behind the scenes.
AI Analysis | Feedback
- Wealth Management: Provides comprehensive financial planning, investment management, trust, custody, and private banking services for high-net-worth individuals and families.
- Asset Servicing: Offers institutional clients a suite of services including global custody, fund administration, investment operations outsourcing, and securities lending.
- Asset Management: Manages investment portfolios across various asset classes like equities, fixed income, and alternatives for both institutional and individual clients.
- Banking Solutions: Delivers treasury management, foreign exchange, and general banking services to support client liquidity and operational needs.
AI Analysis | Feedback
Northern Trust (NTRS) serves a diverse client base that includes both large institutional clients and high-net-worth individuals. Due to the confidential nature of its institutional client relationships, specific names of major customer companies are not publicly disclosed and are not available in the provided background information.
However, Northern Trust's Wealth Management segment primarily serves individuals and families. The major categories of customers served by this segment include:
- High-net-worth individuals and families
- Business owners
- Executives, professionals, and retirees
AI Analysis | Feedback
null
AI Analysis | Feedback
Michael G. O'Grady Chairman and Chief Executive Officer
Michael G. O'Grady is the Chairman and Chief Executive Officer of Northern Trust, a position he has held since 2019 and 2018 respectively. He joined Northern Trust in 2011 and previously served as President (since 2017), President of Corporate & Institutional Services (2014–2016), and Chief Financial Officer (2011–2014) for the company. Before joining Northern Trust, he spent a decade at Bank of America Merrill Lynch (2000–2011) as a Managing Director in the firm's Investment Banking Group and head of the Depository Institutions Group for the Americas. He began his career at Merrill Lynch in 1992 as an associate, and prior to that, he worked for Price Waterhouse from 1987 to 1990.
David W. Fox, Jr. Chief Financial Officer
David W. Fox, Jr. was appointed Executive Vice President and Chief Financial Officer of Northern Trust Corporation, effective October 1, 2024. He joined Northern Trust in 2012. Before becoming CFO, he served as President of Northern Trust's Global Family & Private Investment Offices from 2015 to September 2024. Prior to that, he was Head of the Americas for the Asset Servicing business from 2012 to 2015. Before his tenure at Northern Trust, Mr. Fox held various leadership roles at J.P. Morgan Chase & Co. for over 25 years, including Vice Chairman of Investment Banking and CEO of Midwest Investment Banking.
Jason J. Tyler President, Wealth Management
Jason J. Tyler assumed the role of President of Wealth Management at Northern Trust, effective October 1, 2024. He previously served as Chief Financial Officer of Northern Trust. Mr. Tyler joined Northern Trust in 2011, and his past roles with the company include Global Head of Corporate Strategy, Global Head of the Institutional Group in the Asset Management business, and Chief Financial Officer for Wealth Management. Prior to joining Northern Trust, he spent eight years at Ariel Investments as Director of Research Operations and a member of the firm's Investment Committee. Earlier in his career, he held various leadership positions in Corporate Finance and Banking at American National Bank/Bank One.
Peter B. Cherecwich Chief Operating Officer
Peter B. Cherecwich was appointed Chief Operating Officer of Northern Trust, effective October 1, 2024. In this newly created role, he is responsible for ensuring operational excellence and resiliency across the firm. Prior to this appointment, Mr. Cherecwich served as President of Asset Servicing.
Daniel E. Gamba President, Asset Management
Daniel E. Gamba serves as the President of Northern Trust Asset Management.
AI Analysis | Feedback
The key risks to Northern Trust's business are:
- Market Volatility and Fee-Revenue Pressure: Northern Trust's business model is significantly dependent on fee-based services derived from its substantial assets under custody/administration (AUC/A) and assets under management (AUM). Consequently, fluctuations and downturns in global financial markets directly impact the value of these assets, leading to reduced fee income and pressure on its top-line revenue.
- Evolving Regulatory and Legal Risks: As a global financial holding company, Northern Trust is subject to extensive and continuously evolving government regulations and supervision across various jurisdictions (U.S., UK, EU). These regulations encompass prudential standards (e.g., Basel III, CCAR/DFAST), liquidity and capital requirements, and emerging obligations in areas such as data privacy (GDPR, CCPA, EU AI Act) and sustainable finance. Navigating these complex and changing regulatory landscapes can lead to increased compliance costs, operational adjustments, and potential legal liabilities, negatively impacting its financial condition and operations.
- Operational and Cybersecurity Risks: Northern Trust heavily relies on intricate information technology systems and networks, many of which are managed by third parties, to deliver its wealth management, asset servicing, and banking solutions. This dependency exposes the company to significant operational risks, including system failures, service disruptions, and sophisticated cybersecurity threats such as cyber-attacks and data breaches. Such incidents could severely impair operations, compromise sensitive data, damage the company's reputation, and result in substantial financial losses.
AI Analysis | Feedback
The rise of Distributed Ledger Technology (DLT) and blockchain-based platforms for asset servicing and custody. These technologies have the potential to disintermediate traditional financial processes by enabling more efficient, transparent, and real-time settlement, potentially reducing the need for multiple intermediaries and the associated costs in areas like custody, fund administration, and securities lending, which are core services offered by Northern Trust's Corporate & Institutional Services segment.
AI Analysis | Feedback
Northern Trust's Addressable Market Sizes for Key Services
Northern Trust (NTRS) operates within several large addressable markets globally, primarily encompassing wealth management, asset servicing (including custody and fund administration), and asset management. These markets demonstrate substantial scale and consistent growth.Wealth Management
The global wealth management market was valued at approximately USD 1.83 trillion in 2024 and is projected to grow to USD 5.95 trillion by 2033, exhibiting a compound annual growth rate (CAGR) of 14% from 2026 to 2033. Another estimate indicates the global wealth management market was worth around USD 1.64 trillion in 2024 and is anticipated to reach approximately USD 4.89 trillion by 2034, with a CAGR of 10.6% between 2025 and 2034. In 2020, the global wealth management industry generated USD 1.25 trillion, with a projection to reach USD 3.43 trillion by 2030 at a CAGR of 10.7% from 2021 to 2030.Asset Servicing
The global asset servicing market was valued at approximately USD 93 billion in 2024 and is projected to grow to USD 181.1 billion by 2030, with a CAGR of 11.8% from 2024 to 2030. Other estimates place the global asset servicing market at USD 84.71 billion in 2023, with a projection to reach USD 194.52 billion by 2031 at a CAGR of 10.95% from 2024 to 2031. Additionally, the market was valued at USD 97.61 billion in 2024 and is poised to grow to USD 295.55 billion by 2033, at a CAGR of 13.1% during the forecast period (2026–2033). Within asset servicing, key components include:- Custody Services: The global custody services market was valued at USD 4.54 billion in 2024 and is expected to grow to USD 9.15 billion by 2033, at a CAGR of 8.1% from 2026 to 2033. Another source reported the custody service market at $45.19 billion in 2024, projected to reach $48.84 billion in 2025 with an 8.1% CAGR. North America holds the largest share of the global custody services market, accounting for approximately 45%.
- Fund Administration: The global fund administration services market size was valued at USD 12.8 billion in 2024 and is forecasted to reach USD 23.6 billion by 2033, growing at a CAGR of 7.1%. Another report indicates a global market size of USD 12.9 billion in 2024, with a projected growth to USD 25.8 billion by 2033 at a CAGR of 8.2%.
Asset Management
The global asset management industry's assets under management (AuM) reached a record-breaking USD 128 trillion in 2024. Global AuM is further expected to climb from USD 139 trillion in 2024 to USD 200 trillion by 2030, at a CAGR of 6.2%. North America remained the dominant market for global AuM in 2024.AI Analysis | Feedback
Northern Trust (NTRS) anticipates future revenue growth over the next two to three years will be driven by several key factors:
- Growth in Trust, Investment, and Other Servicing Fees: A primary driver for Northern Trust is the expansion of its core fee-based services. The company reported a 7% increase in trust fees in Q4 2025 and a 6% increase in Q3 2025, excluding notables. This growth is supported by favorable equity markets, net new business, and an increase in Assets Under Custody/Administration (AUC/AUA) and Assets Under Management (AUM), with AUM for asset servicing clients up 12% year-over-year in Q4 2025.
- Net Interest Income (NII) Expansion: Northern Trust has seen significant growth in its Net Interest Income, which increased by 14% year-over-year in Q4 2025, reaching a new record. For 2026, the company forecasts low to mid-single-digit NII growth, indicating continued contribution from its banking solutions, even with potential rate cycle headwinds.
- Strategic Expansion in Wealth Management: The Wealth Management segment is a strong contributor to revenue growth, with Assets Under Management for wealth management clients rising 13% year-over-year to $507 billion in Q4 2025. The Global Family Office (GFO) within this segment achieved record new business in 2025, including significant flows, and Family Office Solutions (FOS) exceeded client and asset targets by focusing on ultra-high-net-worth families.
- Asset Servicing New Business and Private Markets Traction: The Corporate & Institutional Services (C&IS) segment, encompassing asset servicing, continues to secure new mandates and experience strong growth. Asset servicing fees increased by 6% over the prior year in Q3 2025. The company has noted strong traction and new business wins in private markets, reinforcing its position in providing integrated solutions for institutional investors.
- Innovation and Product Launches: Northern Trust is focusing on enhancing its offerings through new products and technological integration. In 2025, the company launched 11 new ETF strategies and expanded its fixed income Separately Managed Accounts (SMAs) platform, achieving over $35 billion in net flows. Additionally, the company has introduced innovative products like tokenized money market funds and is embedding AI in its operations to drive productivity and potentially new service capabilities.
AI Analysis | Feedback
Capital Allocation Decisions for Northern Trust (NTRS) Over the Last 3-5 Years
Share Repurchases
- In July 2025, Northern Trust's Board of Directors approved a new common stock repurchase authorization of up to $2.5 billion, which replaced a previous program from October 2021 and has no expiration date.
- Northern Trust returned $1.9 billion to shareholders in 2025, including a record $1.3 billion through share repurchases, resulting in a 5% reduction in shares outstanding.
- An October 2021 share repurchase program authorized the buyback of up to 25 million shares. As of December 31, 2025, approximately 1.9 million shares remained available under this plan.
Share Issuance
- Northern Trust utilizes repurchased shares for general purposes, including the issuance of shares under stock option and other equity incentive plans.
- The company's shares outstanding were 0.192 billion in 2025, representing a 4.77% decline from 2024.
Outbound Investments
- In May 2021, Northern Trust acquired Parilux Investment Technology, a provider of Portfolio Management Solutions, to enhance its Front Office Solutions platform.
Capital Expenditures
- Total capital expenditures were $774.2 million in 2025 and $745.5 million in 2024.
- These capital expenditures are primarily focused on technology investments aimed at infrastructure modernization, including the use of external cloud technologies, increasing operational efficiency and resiliency, and developing capabilities for secure and innovative client solutions.
- Northern Trust also continues to invest in renovation and relocation efforts.
Peer Outperformance in Asset Management & Custody Banks
NTRS has outperformed 79% of its 82 Asset Management & Custody Banks peers over 5Y. Among the peers that beat it are BNY and STT. Asset Management & Custody Banks ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that NTRS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
90%
of 102 industry peers · 32.2% return
3Y
91%
of 93 industry peers · 179.9% return
5Y
79%
of 82 industry peers · 79.2% return
Asset Management & Custody Banks peers with revenue growth within 4pp of NTRS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| NTRS | Northern Trust | 10.3% | 14.1x | 32.2% | 179.9% | 79.2% | — |
| BNY | Bank of New York Mellon | 7.7% | 15.8x | 38.8% | 275.2% | 206.0% | +127pp |
| STT | State Street | 7.2% | 14.1x | 54.8% | 199.6% | 132.0% | +53pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is NTRS's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 15.9% | 64.6% | 115.6% | SPNT 160% · RNR 142% · RGA 135% |
| Investment Banking & Brokerage | 13 | -3.8% | 100.8% | 100.0% | IBKR 441% · SNEX 231% · HOOD 168% |
| Diversified Banks | 12 | 28.5% | 131.2% | 96.2% | CM 145% · RY 131% · JPM 122% |
| Life & Health Insurance | 20 | 6.1% | 51.5% | 90.5% | JXN 532% · UNM 286% · FG 191% |
| Multi-Sector Holdings | 4 | 3.8% | 52.4% | 74.5% | JONE 361% · BRK-B 81% · VOYA 68% |
| Property & Casualty Insurance | 42 | 3.1% | 71.0% | 60.8% | ASIC 2616900% · HRTG 408% · UVE 305% |
| Multi-line Insurance | 9 | 4.5% | 70.2% | 53.8% | GNW 135% · L 92% · AIZ 82% |
| Regional Banks | 264 | 26.4% | 92.0% | 52.2% | GCBC 319% · ESQ 310% · PBAM 251% |
| Financial Exchanges & Data | 15 | -2.9% | 15.3% | 30.0% | VIRT 182% · CBOE 140% · CME 64% |
| Diversified Financial Services | 4 | -8.4% | 23.4% | 19.4% | FRHC 175% · EQH 95% · TMS -56% |
| Consumer Finance | 30 | -0.7% | 86.0% | 17.9% | ENVA 388% · EZPW 296% · FCFS 159% |
| Insurance Brokers | 16 | -25.2% | -10.1% | 11.7% | LIFE 300% · ARX 88% · CRD-A 62% |
| Asset Management & Custody Banks ← | 83 | -8.0% | 20.3% | 11.4% | WT 356% · VCTR 285% · AAMI 265% |
| Commercial & Residential Mortgage Finance | 14 | -53.1% | 25.2% | 1.0% | FNMA 460% · FMCC 422% · ACT 172% |
| Specialized Finance | 3 | 8.6% | 37.5% | -13.7% | EFC 16% · HASI -14% · CACC -14% |
| Mortgage REITs | 33 | -18.7% | 4.8% | -29.8% | NREF 54% · RITM 33% · DX 22% |
| Transaction & Payment Processing Services | 17 | -4.3% | -7.1% | -45.0% | V 67% · MA 66% · CPAY 51% |
| Diversified Capital Markets | 20 | -36.2% | 14.6% | -58.2% | OPY 180% · LPLA 100% · GOLD 59% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 114.47 |
| Mkt Cap | 89.4 |
| Rev LTM | 22,320 |
| Op Inc LTM | -22 |
| FCF LTM | 1,003 |
| FCF 3Y Avg | 878 |
| CFO LTM | 2,002 |
| CFO 3Y Avg | 1,256 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.0% |
| Rev Chg 3Y Avg | 8.7% |
| Rev Chg Q | 16.8% |
| QoQ Delta Rev Chg LTM | 3.8% |
| Op Inc Chg LTM | -143.6% |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | -932.3% |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | -9.8% |
| CFO/Rev LTM | 14.5% |
| CFO/Rev 3Y Avg | 5.5% |
| FCF/Rev LTM | 5.5% |
| FCF/Rev 3Y Avg | -1.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Asset Servicing | 4,765 | 4,360 | 4,136 | 4,101 | 3,665 |
| Wealth Management | 3,377 | 3,213 | 2,884 | 2,942 | 2,857 |
| Other | -55 | 717 | -246 | -281 | -21 |
| Total | 8,086 | 8,290 | 6,774 | 6,761 | 6,500 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Wealth Management | 704 | 624 | 608 | ||
| Corporate and Institutional Services | 697 | 504 | 449 | 404 | 462 |
| Treasury and Other | 88 | 62 | 19 | 32 | 14 |
| Personal Financial Services | 598 | 425 | |||
| Total | 1,490 | 1,190 | 1,076 | 1,033 | 901 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Wealth Management | 981 | 908 | 729 | 807 | 936 |
| Asset Servicing | 883 | 685 | 677 | 762 | 641 |
| Other | -126 | 438 | -299 | -233 | -32 |
| Total | 1,737 | 2,031 | 1,107 | 1,336 | 1,545 |
| $ Mil | 2023 | 2021 | 2004 | 2003 |
|---|---|---|---|---|
| Asset Servicing | 101,473 | 120,883 | ||
| Wealth Management | 41,177 | 35,480 | ||
| Other | 0 | 0 | ||
| Corporate and Institutional Services | 21,198 | 17,132 | ||
| Personal Financial Services | 16,185 | 15,868 | ||
| Treasury and other | 3,916 | 6,115 | ||
| Total | 142,649 | 156,363 | 41,300 | 39,115 |
Price Behavior
Price Behavior
| Market Price | $171.40 | |
| Market Cap ($ Bil) | 31.5 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -10.1% | |
| 50 Days | 200 Days | |
| DMA Price | $181.88 | $161.50 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -5.8% | 6.1% |
| 3M | 1YR | |
| Volatility | 21.7% | 25.1% |
| Downside Capture | 140.82 | 101.81 |
| Upside Capture | 104.21 | 116.81 |
| Correlation (SPY) | 45.6% | 48.2% |
NTRS Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.99 | 0.60 | 0.91 | 0.67 | 0.92 | 1.01 |
| Up Beta | -0.08 | 0.22 | 0.39 | 0.46 | 0.55 | 0.95 |
| Down Beta | -1.06 | 0.86 | 0.69 | 0.29 | 0.82 | 1.06 |
| Up Capture | 92% | 42% | 103% | 92% | 124% | 131% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 24 | 37 | 76 | 144 | 417 |
| Down Capture | 216% | 121% | 126% | 79% | 102% | 99% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 18 | 27 | 50 | 108 | 334 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NTRS | |
|---|---|---|---|---|
| NTRS | 33.6% | 25.0% | 1.10 | - |
| Sector ETF (XLF) | 1.4% | 14.8% | -0.13 | 64.6% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 48.2% |
| Gold (GLD) | 6.8% | 29.6% | 0.22 | 15.6% |
| Commodities (DBC) | 44.9% | 20.8% | 1.67 | -7.0% |
| Real Estate (VNQ) | 1.5% | 13.6% | -0.15 | 20.0% |
| Bitcoin (BTCUSD) | -28.9% | 44.3% | -0.64 | 29.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NTRS | |
|---|---|---|---|---|
| NTRS | 12.7% | 29.3% | 0.42 | - |
| Sector ETF (XLF) | 8.7% | 18.3% | 0.34 | 73.8% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 62.0% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 5.1% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 11.2% |
| Real Estate (VNQ) | 0.7% | 18.8% | -0.07 | 52.0% |
| Bitcoin (BTCUSD) | 14.6% | 52.2% | 0.45 | 24.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NTRS | |
|---|---|---|---|---|
| NTRS | 12.5% | 30.3% | 0.44 | - |
| Sector ETF (XLF) | 12.6% | 22.1% | 0.52 | 80.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 67.4% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | -1.6% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 22.7% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 52.8% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -3.5% | -2.3% | 0.2% |
| 4/21/2026 | 8.0% | 5.5% | 3.7% |
| 1/22/2026 | 6.0% | 4.0% | 0.2% |
| 10/22/2025 | -2.4% | -0.9% | -2.0% |
| 7/23/2025 | -1.8% | 4.0% | 1.1% |
| 4/22/2025 | 3.0% | 6.6% | 23.7% |
| 1/23/2025 | 2.0% | 4.9% | 5.2% |
| 10/23/2024 | 7.0% | 6.8% | 12.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 18 |
| # Negative | 13 | 14 | 6 |
| Median Positive | 3.0% | 4.4% | 3.4% |
| Median Negative | -4.6% | -4.8% | -4.6% |
| Max Positive | 13.4% | 9.3% | 23.7% |
| Max Negative | -9.3% | -10.6% | -15.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -3.5% | -2.3% | 0.2% |
| 4/21/2026 | 8.0% | 5.5% | 3.7% |
| 1/22/2026 | 6.0% | 4.0% | 0.2% |
| 10/22/2025 | -2.4% | -0.9% | -2.0% |
| 7/23/2025 | -1.8% | 4.0% | 1.1% |
| 4/22/2025 | 3.0% | 6.6% | 23.7% |
| 1/23/2025 | 2.0% | 4.9% | 5.2% |
| 10/23/2024 | 7.0% | 6.8% | 12.6% |
| 7/17/2024 | -5.1% | -4.7% | -6.6% |
| 4/16/2024 | -5.0% | -0.2% | 3.1% |
| 1/18/2024 | -2.4% | -2.5% | -2.6% |
| 10/18/2023 | -6.6% | -10.0% | 6.0% |
| 7/19/2023 | 13.4% | 9.3% | 6.7% |
| 4/25/2023 | -9.3% | -10.6% | -15.3% |
| 1/19/2023 | -8.6% | -4.7% | -3.3% |
| 10/19/2022 | -9.2% | -6.4% | 3.9% |
| 7/20/2022 | -4.0% | -5.8% | 1.3% |
| 4/26/2022 | 2.1% | -1.2% | 0.4% |
| 1/20/2022 | -4.6% | -8.4% | -5.9% |
| 10/20/2021 | 3.4% | 1.5% | 1.2% |
| 7/21/2021 | 1.6% | 0.4% | 2.3% |
| 4/20/2021 | 1.1% | 2.8% | 10.5% |
| 1/21/2021 | -0.6% | -4.8% | 1.6% |
| 10/21/2020 | 0.0% | -5.9% | 8.1% |
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 18 |
| # Negative | 13 | 14 | 6 |
| Median Positive | 3.0% | 4.4% | 3.4% |
| Median Negative | -4.6% | -4.8% | -4.6% |
| Max Positive | 13.4% | 9.3% | 23.7% |
| Max Negative | -9.3% | -10.6% | -15.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/27/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | South, Thomas A | Executive Vice President | Direct | Sell | 8252026 | 184.90 | 1,800 | 332,820 | 17,180,353 | Form |
| 2 | Moritz, Robert Edward JR | Direct | Buy | 7302026 | 179.57 | 255 | 45,790 | 1,508,388 | Form | |
| 3 | Hallinan, Aengus | Executive Vice President | Direct | Sell | 6042026 | 167.36 | 3,668 | 613,880 | 1,583,402 | Form |
| 4 | Moritz, Robert Edward JR | Direct | Buy | 5042026 | 166.41 | 225 | 37,442 | 1,355,409 | Form | |
| 5 | Bellows, Clive | Co-President Asset Servicing | Direct | Sell | 4282026 | 165.02 | 2,800 | 462,056 | 4,656,369 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | South, Thomas A | Executive Vice President | Direct | Sell | 8252026 | 184.90 | 1,800 | 332,820 | 17,180,353 | Form |
| 2 | Moritz, Robert Edward JR | Direct | Buy | 7302026 | 179.57 | 255 | 45,790 | 1,508,388 | Form | |
| 3 | Hallinan, Aengus | Executive Vice President | Direct | Sell | 6042026 | 167.36 | 3,668 | 613,880 | 1,583,402 | Form |
| 4 | Moritz, Robert Edward JR | Direct | Buy | 5042026 | 166.41 | 225 | 37,442 | 1,355,409 | Form | |
| 5 | Bellows, Clive | Co-President Asset Servicing | Direct | Sell | 4282026 | 165.02 | 2,800 | 462,056 | 4,656,369 | Form |
| 6 | Gibson, Guy | Co-President Asset Servicing | Direct | Sell | 3062026 | 142.39 | 3,009 | 428,452 | 4,176,583 | Form |
| 7 | Fox, David W JR | EVP & Chief Financial Officer | Direct | Sell | 2262026 | 144.05 | 1,450 | 208,873 | 2,904,336 | Form |
| 8 | Gibson, Guy | Co-President Asset Servicing | Direct | Sell | 2132026 | 147.43 | 1,043 | 153,769 | 5,161,967 | Form |
| 9 | Bellows, Clive | Co-President Asset Servicing | Direct | Sell | 2132026 | 145.26 | 1,148 | 166,758 | 4,958,160 | Form |
| 10 | Petrino, Richard | Direct | Buy | 2052026 | 148.91 | 1,000 | 148,910 | 496,182 | Form | |
| 11 | Moritz, Robert Edward JR | Direct | Buy | 2032026 | 151.85 | 245 | 37,203 | 1,052,472 | Form | |
| 12 | Cherecwich, Peter | Chief Operating Officer | Trust | Sell | 1272026 | 149.62 | 25,000 | 3,740,500 | 3,928,872 | Form |
| 13 | South, Thomas A | Executive Vice President | Direct | Sell | 12152025 | 139.03 | 5,000 | 695,150 | 9,994,589 | Form |
| 14 | Landers, John | Controller | Direct | Sell | 11182025 | 124.35 | 766 | 95,252 | 909,372 | Form |
| 15 | Fradkin, Steven L | Vice Chairman | Trust | Sell | 11072025 | 128.00 | 4,688 | 600,064 | 19,316,224 | Form |
| 16 | Fradkin, Steven L | Vice Chairman | Gift Trust | Sell | 11072025 | 128.00 | 4,688 | 600,064 | 5,076,352 | Form |
| 17 | Levy, Susan Cohen | EVP and General Counsel | Direct | Sell | 11052025 | 128.13 | 27,591 | 3,535,326 | 6,183,329 | Form |
| 18 | Moritz, Robert Edward JR | Direct | Buy | 11052025 | 128.57 | 3,891 | 500,266 | 859,619 | Form | |
| 19 | Moritz, Robert Edward JR | Direct | Buy | 10282025 | 126.66 | 270 | 34,198 | 354,015 | Form |
Northern Trust — Investor Video Playlist
Products & Services
Managing Liquidity Strategies Through High Uncertainty - International
Products & Services
Equity strategies to help navigate market volatility - FA
Products & Services
Portfolio considerations in dynamic markets - Institutional
Products & Services
how-ai-may-help-investors-tackle-cyclicality-of-equity-factors
Products & Services
Are you prepared for potential post-U.S. election tax shifts
Products & Services
Unveiling Europe’s undervalued stocks
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 10/4/2026