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With a market cap of $18.1 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 management titan is expected to announce its fiscal Q3 earnings results before the market opens on Wednesday, Oct. 23.
Ahead of the event, analysts are expecting NTRS to report a profit of $1.71 per share, up 14.8% from $1.49 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. Northern Trust surpassed the consensus EPS estimate by 1.7% in the most recent quarter, aided by a rise in net interest income (NII) driven by higher interest rates and an improvement in credit quality.
For fiscal 2024, analysts expect NTRS to report EPS of $7.02, up 12.3% from $6.25 in fiscal 2023.
NTRS has surged 32.6% over the past 52 weeks, which lags behind both the S&P 500 Index's ($SPX) 34.8% rise and the Financials Select Sector SPDR Fund's (XLF) 38.7% gain over the same period.
On Sept. 26, NTRS shares dropped nearly 1% after Goldman Sachs Group, Inc. (GS) downgraded the stock to “Sell” from “Neutral” with a price target of $82.
Moreover, the stock dipped more than 5% on Jul. 17 after reporting Q2 earnings.
Analysts' consensus rating on Northern Trust stock is cautious, with a "Hold" rating overall. Among 14 analysts covering the stock, one recommends a "Strong Buy,” one has a "Moderate Buy" rating, nine give a "Hold" rating, one suggests a "Moderate Sell," and the remaining two analysts give a "Strong Sell."
The average analyst price target for NTRS is $90.73, indicating a potential upside of 2.4% from the current price levels.
On the date of publication, Kritika Sarmah 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.
