Northern Trust Corp

NTRS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$48.00	Znv	Vkyzctrd

Northern Trust Earnings: Messy Quarter, but Net Interest Income Mostly Stable

Rajiv Bhatia

Jul 17, 2024

Wide-moat Northern Trust reported an OK second quarter. Excluding notable items, which primarily consisted of a net gain related to transactions related to its Visa shares, severance, and a charitable contribution, revenue was up 5% and expenses were up 7%. By our calculations, adjusted revenue was 1% above the FactSet consensus and adjusted earnings per share were 2% above the consensus. As we incorporate Northern Trust's latest results, we expect to maintain our fair value estimate of $90.

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