Northern Trust Corp
NTRS: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$54.00 | Ngpdl | Pybjvtmcx |
Northern Trust Earnings: Messy Quarter, but Net Interest Income Mostly Stable
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.