NTRS 2Q Wrap: Solid Print But Mixed Fee Trends, High Investor Bar Pressures Shares

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NTRS 2Q Wrap: Solid Print But Mixed Fee Trends, High Investor Bar Pressures Shares

Brokers, Asset Managers & Exchanges

Banks/Large-Cap - Market Weight

NORTHERN TRUST (NTRS) July 22, 2026

NTRS 2Q Wrap: Solid Print But Mixed Fee Trends, High Rating:

Investor Bar Pressures Shares Peer Perform

Price:

$178.66

The Wolfe Byte Price Target:

NTRS reported 2Q, with strong NII and good cost control driving beat. Despite EPS NA

beat & higher NII / revenue guide, shares declined (-3%) given elevated bar into View NTRS Model

View Comp Tablethe quarter. Valuation still appears full with shares trading >14x 2027E. Maintain

Peer Perform. Company Information

52-Week Range $123 - $191

Market Cap. (MM) $33,061

NTRS 2Q / Guidance Recap: NTRS results were noisy but core EPS exceeded cons., Avg. Value Traded (MM) $196.47

with better NII and good cost control the primary divers of our beat (see our First Price to Earnings 20x

ROTE 14.9%

Look). On the earnings call, management raised their guidance for both NII (to +9-10% Price/ Tangible Value 2.9x

YoY vs. mid-to-high single digits previously) and total revenue (also +9-10% YoY ex. Total Net Payout 112%

notables, vs. mid-single digits previously), and also provided more explicit operating Dividend Yield 1.7% SI% of Float 1.9%

leverage guidance (~400bps expected for 2026, vs. ~100bps previously). They also Tangible BV/sh $48.80

highlighted ~$30mn annualized NII uplift from the securities portfolio repositioning,

and indicated the Visa capital gain would be redeployed in the form of buyback / 200

balance sheet growth. 190180

160Wolfe Take: Despite the 2Q beat, shares lagged meaningfully (closing down -3%

vs. Trusts +1%) which we attribute to softer fee momentum (Wealth, Servicing 150140