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Northern Trust Corp NTRS

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Morningstar’s Analysis

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1-Star Price

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5-Star Price

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Economic Moat

PREMIUM

Capital Allocation

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In Spite of Money Market Fee Waiver Headwinds, Northern Trust Has a Solid Start to 2021

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Wide-moat Northern Trust started 2021 with solid results. Revenue for the quarter was $1.58 billion, and diluted earnings per share were $1.70, beating the FactSet consensus of $1.54 billion and $1.49, respectively. We attribute the earnings beat to a $30 million provision release as well as revenue growth and expense control. We expect to modestly increase our fair value estimate due to market appreciation and transaction-based fee growth partially offset by money market fee waivers.

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Company Profile

Business Description

Northern Trust 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 offices in 20 states and Washington, D.C., in the U.S. and 23 locations in Canada, Europe, the Middle East, and Asia-Pacific. As of December 30, 2020, Northern Trust had assets under custody or administration of $14.5 trillion and assets under management of $1.4 trillion.

Contact
50 South La Salle Street
Chicago, IL, 60603
T +1 312 630-6000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 20,900

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