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With a market cap of $17.2 billion, Chicago-based Northern Trust Corporation (NTRS) is a leading financial holding company specializing in wealth management, asset servicing, and banking solutions globally. The asset and wealth management firm is slated to announce its fiscal Q2 earnings results before the market opens on Wednesday, July 17.
Ahead of the event, analysts are expecting NTRS to report a profit of $1.76 per share, down 1.7% from $1.79 per share in the year-ago quarter. The company has surpassed Wall Street's bottom-line estimates in three of the past four quarters while missing on one other occasion. Increased trust fees and higher net interest income helped Northern Trust surpass the consensus EPS estimate by 15.7% in the most recent quarter.
For fiscal 2024, analysts expect NTRS to report EPS of $6.88, up 10.1% from $6.25 in fiscal 2023.
NTRS has posted a 12.7% increase over the past 52 weeks, which lags behind both the S&P 500 Index's ($SPX) 23% rise and the S&P 500 Financials Sector SPDR's (XLF) 22.3% gain over the same period.
Northern Trust's stock tumbled on April 16 following its Q1 earnings report, which highlighted a substantial loss on the sale of debt securities and expenses tied to a government deposit insurance fund replenishment. These factors overshadowed gains from increased fee income and growth in client assets under custody or administration.
Analysts' consensus rating on Northern Trust stock is cautious, with a "Hold" rating overall. Among 15 analysts covering the stock, two recommend a "Strong Buy,” one has a "Moderate Buy" rating, 10 give a "Hold" rating, one suggests a "Moderate Sell," and the remaining one gives a "Strong Sell," a consensus that has remained steady over the past three months.
The average analyst price target for NTRS is $89.78, indicating a potential upside of only 7.1% from the current levels.
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On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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