---
title: Northern Trust (NTRS) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/ntrs
ticker: NTRS
as_of: 2026-10-17
sector: Financial Services
industry: Asset Management
---
# Northern Trust (NTRS)

Northern Trust (NTRS) closed at $165.54 on Oct 16, 2026, overvalued by 14% vs its model value of $145.81 (from the justified price to tangible book).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $165.54 (Oct 16, 2026) |
| Model value (from the justified price to tangible book) | $145.81 |
| Price vs model | overvalued by 14% vs model |
| Range of that model | $127.58 – $170.11 |
| Market value | $30.3B |
| P/E (fiscal 2025) | 18.9 |
| Net margin (fiscal 2025) | 12.1% |
| Free cash flow (fiscal 2025) | $5.5B |
| Dividend yield (trailing twelve months) | 1.98% |
| Beta | 1.25 |
| Cost of capital (WACC) | 10.05% |
| Business classification | Mature & Stable (Low/slowing growth (~7% recent), High profitability (35% net margin), Pays dividends, Highly cyclical earnings, Strong FCF yield (18.0%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Insider buying | #49 | $45,790 | https://sweetvaluelab.com/lists/insider-buying |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.98% |
| Dividends per share, last 12 months | $3.28 |
| Dividends / earnings (fiscal 2025) | 34.1% |
| Raised | 1 years in a row |
| Growth over 5 years | 3.2% a year |
| Latest payment | $0.88, ex-date Sep 4, 2026, paid Oct 1, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 9, 2021 | $2.80 |
| To Sep 8, 2022 | $2.85 |
| To Sep 7, 2023 | $3.00 |
| To Sep 6, 2024 | $3.00 |
| To Sep 5, 2025 | $3.05 |
| Trailing twelve months (to Sep 4, 2026) | $3.28 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/TBV · justified | primary | $145.81 | $127.58 | $170.11 |
| P/E · peers | cross check | $150.83 | $118.08 | $208.23 |
| P/E · own history | cross check | $152.79 | $129.22 | $174.48 |
| PEG | sanity check | $232.12 | $232.12 | $232.12 |
| Dividend discount | cross check | $56.83 | $40.41 | $87.55 |

## Insider activity (SEC Form 4)

Past 90 days: 1 open-market buy ($45,790.4) and 1 open-market sale ($332,820); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | Tribbett Charles A | Director | Grant / award | 80.16 | $13,563.1 |
| Sep 30, 2026 | Thompson Donald | Director | Grant / award | 221.42 | $37,499.7 |
| Oct 1, 2026 | Thompson Donald | Director | Grant / award | 145.34 | $24,591.5 |
| Oct 1, 2026 | SLARK MARTIN P | Director | Grant / award | 70.65 | $11,954 |
| Oct 1, 2026 | Petrino Richard | Director | Grant / award | 6.19 | $1,047.3 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 29, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/73124/000007312426000057/ntrs-20260928.htm |
| Aug 3, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/73124/000007312426000051/ntrs-20260803.htm |
| Jul 30, 2026 | S-3ASR | Shelf registration (automatic) | https://www.sec.gov/Archives/edgar/data/73124/000162828026051081/northerntrust-sx3asr.htm |
| Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/73124/000007312426000047/ntrs-20260630.htm |
| Jul 22, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/73124/000007312426000043/ntrs-20260722.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| John Rogers | 2026-06-30 | 972,340 | $169.0M |
| Bridgewater | 2026-06-30 | 15,796 | $2.7M |
| Yacktman | 2026-06-30 | 9,500 | $1.7M |
| Mairs & Power | 2026-06-30 | 2,400 | $417,216 |

4 tracked managers in all.

## About

Northern Trust Corporation, a financial holding company established in 1889 and based in Chicago, Illinois, offers a comprehensive suite of wealth management, asset servicing, asset management, and banking solutions worldwide. Its diverse client base includes corporations, institutions, families, and individual investors. The company structures its operations across two primary segments: Asset Servicing and Wealth Management. The Asset Servicing division delivers a broad spectrum of support and operational services tailored for institutional entities. These services include custody, fund administration, outsourced investment operations, investment management, investment risk and analytical reporting, employee benefit services, securities lending, foreign exchange, treasury management, brokerage, transition management, and banking and cash management solutions. This segment serves corpora…

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Source: https://sweetvaluelab.com/stocks/ntrs (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.