Northern Trust Corporation
- Open
- 185.38
- Day high
- 187.72
- Day low
- 182.84
- Prev close
- 188.52
- Volume
- 1.2M
- Mkt cap
- $34.2B
- P/E (TTM)
- 19.2
- EPS (TTM)
- $9.60
- P/B
- 2.6
- P/S
- 2.3
- Yield
- 1.73%
- Per share
- $3.20
- ▼Insiders net selling -$4.4M over the last 3 months (1 open-market buy, 5 sales)
- 🏛Institutions mixed (13F)
Northern Trust Corporation (NTRS) is a Financial Services company listed on NASDAQ. The stock is up 44% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 5 sales (SEC Form 4). Drillr has 14 published research articles covering NTRS.
Northern Trust Corporation (NTRS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NTRS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $2.37 | $2.71 | +14.3% | $2.2B | +4.4% |
| Jan 22, 2026 | $2.37 | $2.69 | +13.5% | $3.6B | +75.3% |
| Oct 22, 2025 | $2.26 | $2.29 | +1.3% | $3.6B | +76.5% |
| Jul 23, 2025 | $2.06 | $2.13 | +3.4% | $3.6B | +83.2% |
| Apr 22, 2025 | $1.85 | $1.90 | +2.7% | $3.5B | +79.9% |
| Jan 23, 2025 | $1.96 | $2.26 | +15.3% | $2.0B | +1.9% |
| Oct 23, 2024 | $1.74 | $2.01 | +15.5% | $1.4B | -27.0% |
| Jul 17, 2024 | $1.75 | $1.78 | +1.7% | $4.6B | +150.1% |
| Apr 16, 2024 | $1.45 | $1.70 | +17.2% | $3.6B | +99.9% |
| Jan 18, 2024 | $1.33 | $1.46 | +9.8% | $3.3B | +88.6% |
| Oct 18, 2023 | $1.50 | $1.49 | -0.7% | $1.7B | -2.0% |
| Jul 19, 2023 | $1.62 | $1.56 | -3.7% | $1.8B | +0.4% |
NTRS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Harrison Dean Mdirector | Grant | 259 | $173.84 |
| Jul 2, 2026 | Petrino Richarddirector | Grant | 5 | $175.60 |
| Jul 2, 2026 | Dhandapani Chandradirector | Grant | 26 | $175.60 |
| Jul 2, 2026 | Mehta Siddharth Ndirector | Grant | 27 | $175.60 |
| Jul 2, 2026 | Dhandapani Chandradirector | Grant | 201 | $173.84 |
| Jul 2, 2026 | Thompson Donalddirector | Grant | 216 | $173.84 |
| Jul 2, 2026 | Klevorn Marcy Sdirector | Grant | 57 | $175.60 |
| Jul 2, 2026 | Thompson Donalddirector | Grant | 126 | $175.60 |
| Jul 2, 2026 | SLARK MARTIN Pdirector | Grant | 62 | $175.60 |
| Jul 2, 2026 | Harrison Dean Mdirector | Grant | 131 | $175.60 |
| Jul 2, 2026 | CROWN SUSANdirector | Grant | 76 | $175.60 |
| Jul 2, 2026 | Tribbett Charles Adirector | Grant | 70 | $175.60 |
| Jun 4, 2026 | Hallinan Aengusofficer: Executive Vice President | Sell | 2,555 | $167.10 |
| Jun 4, 2026 | Hallinan Aengusofficer: Executive Vice President | Sell | 1,113 | $167.96 |
| Jun 2, 2026 | Hallinan Aengusofficer: Executive Vice President | Tax | 2,707 | $166.82 |
Source: NTRS SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full NTRS insider & 13F page →NTRS research & analysis
Northern Trust's ETF Custody Play: Why a $10T+ Market Is Finally Getting a Third Competitor
Northern Trust is entering the ETF custody market with a dedicated services unit targeting active ETF sponsors — a direct challenge to the BNY Mellon and State Street duopoly that controls the majority of the $10T+ ETF custody market. NTRS and ICE are the clearest beneficiaries: NTRS as the challenger with institutional credibility and a 13.7x forward P/E, ICE as the infrastructure layer that profits from ETF growth regardless of who wins the custody wars.
BKSTTICEETF Custody Fee War: How the Three-Way Race Reshapes the Margin Math for BNY, STT, and NTRS
BNY Mellon, State Street, and Northern Trust are competing in a structurally compressed ETF administration market, with all three posting ~40% stock returns over the past year but diverging sharply on margins and growth momentum. BNY leads on scale ($39.6B revenue, 36.9% 3-year EPS CAGR) and is best positioned to absorb fee compression, while Northern Trust's niche positioning and lowest EBIT margin (16.3%) make it most vulnerable. State Street trades at the steepest discount (10.5× forward P/E) but faces the highest structural fee-revenue headwinds.
BKSTTNorthern Trust Joins ICE ETF Hub: What It Means for the $10T ETF Back-Office Battle
Northern Trust's decision to join the ICE ETF Hub marks a consolidation milestone in the $10 trillion ETF back-office market. ICE is the structural winner as the platform landlord, BNY Mellon leads on scale, State Street offers the deepest value, Northern Trust is the most compelling turnaround, and Broadridge provides contrarian recurring-revenue exposure after a 19% drawdown.
ICEBKSTTDoes ICE's ETF Hub give it pricing power over the custodians it connects — and how much margin is at risk?
ICE's ETF Hub, embedded in its $2.4B Fixed Income and Data Services segment, gives it genuine pricing power over custody banks BNY, State Street, and Northern Trust — particularly in fixed income ETF pricing where alternatives are scarce. With 38.6% operating margins versus ~18% for custodians and 81% recurring revenue, ICE extracts significantly more value per dollar, though its leverage is bounded to fixed income and index-linked products rather than the broader equity ETF market.
ICEBKSTTHow much ETF AUA does each custody giant need to add to justify current valuations?
State Street requires the least incremental ETF AUA (~$6.5 trillion) to justify its current valuation at 1.26x book, making it the best risk-reward among custody giants. BNY Mellon needs ~$25 trillion but has the scale to deliver, while Northern Trust faces the steepest challenge at $9 trillion with declining earnings and the richest P/B multiple at 2.06x.
BKSTTBNY up 45%, State Street up 47%, Northern Trust up 43% in 12 months — which custody stock still has room to run?
All three custody giants — BNY Mellon, State Street, and Northern Trust — delivered 43-47% returns over the past 12 months, but State Street stands out as the best value at 10.8x forward earnings, a 23% discount to peers. BK offers the highest quality (36.9% 3-year EPS CAGR, PEG of 1.11), while NTRS is the income play with a 2.77% yield.
BKSTTAt what scale does ICE's ETF Hub become a winner-take-most platform — and is it approaching that threshold?
ICE's ETF Hub is approaching a winner-take-most threshold as Northern Trust's addition means three of the four largest U.S. ETF custodians now route through a single platform, covering an estimated 70-80% of custody assets. ICE is the clearest beneficiary of platform network effects, while custodian banks like BNY and State Street gain operational efficiencies but risk ceding pricing power, and middleware providers Broadridge and SS&C face long-term displacement risk.
ICEBKSTTWhich ETF issuers benefit most from custody fee compression as servicing competition intensifies?
Custody fee compression driven by intensifying competition among ETF servicers — including Northern Trust's entry into the ICE ETF Hub — creates a tailwind for large ETF issuers. Invesco (IVZ) and BlackRock (BLK) benefit most from their scale and operating leverage, while custodians BNY Mellon (BK) and State Street (STT) face margin pressure offset partly by productivity gains and innovation.
BLKIVZSTTDoes Northern Trust joining ICE ETF Hub threaten BNY Mellon's ETF servicing share or validate the platform?
Northern Trust joining ICE's ETF Hub validates the platform's role as essential ETF infrastructure rather than directly threatening BNY Mellon's dominant servicing position. ICE is the clearest structural winner as the platform operator, while BNY's scale and technology moat remain intact; NTRS gains a necessary tool to compete but must still prove it can win mandates.
ICEBKSTTDoes Northern Trust's Technology Wedge Change the Long-Term Fee Economics of ETF Custody for All Three Players?
Northern Trust's technology investments in ETF custody automation create a pricing wedge that could accelerate fee compression across the custodian oligopoly — but FY2025 revenue declines at NTRS suggest the transition is costly before it is rewarding. State Street's SPDR franchise and BNY Mellon's scale keep both incumbents better positioned than valuations suggest, while ICE's 38.7% EBIT margin illustrates that the most durable pricing power in the ETF ecosystem sits in index and data infrastructure, not custody.
BNYSTTICEHow Much Fee Compression Can BNY and State Street Absorb Before ETF Custody Margins Turn Negative?
BNY Mellon, State Street, and Northern Trust face accelerating ETF custody fee compression, with Northern Trust already showing TTM revenue contraction of -9.9% and the thinnest operating margin (16.3%) of the three. BNY Mellon's scale and operating leverage make it most resilient to further fee cuts, while State Street's SPDR dual role provides a partial floor. A 20% industry-wide fee cut scenario would stress Northern Trust's margins most severely, though no player reaches negative territory immediately.
BKSTTHow Much of BNY and State Street's AUC Revenue Is Exposed to Northern Trust's Technology-Led Custody Push?
Northern Trust's technology-led push into ETF servicing poses a bounded but real threat to BNY Mellon and State Street, with State Street more exposed due to its custody-concentrated revenue model and -5.8% TTM revenue decline. BNY Mellon's diversification across clearing and treasury services limits its blast radius, while Northern Trust's own -9.9% revenue contraction signals a multiyear buildout that has yet to translate into top-line wins.
BKSTTCan Northern Trust's ICE ETF Hub Partnership Structurally Erode BNY and State Street's Pricing Power?
Northern Trust's partnership with ICE ETF Hub introduces a credible third competitor into a custody market long dominated by BNY Mellon and State Street, with the most consequential risk being gradual pricing pressure on incumbents rather than near-term asset flight. ICE is the structural winner from any intensification of the ETF servicing arms race, while State Street faces the most acute risk as both a servicer and ETF issuer with declining revenues on both fronts.
BKSTTICEWhich Emerging ETF Issuers Are Most Likely to Switch Custodians as Northern Trust Offers a Credible Alternative?
Northern Trust's entry into ETF custody and administration is cracking open a market long dominated by BNY Mellon and State Street. NTRS is the clearest beneficiary as a credible challenger, State Street is the most structurally exposed incumbent due to its dual role as custodian and rival ETF issuer, and Invesco — a cost-conscious mid-size ETF manager — is the most likely major issuer to explore switching.
BKSTTIVZ
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