Northern Trust announces alliance with BlackRock amid Whole Office strategy » 10:0205/2805/28/20
As part of its continuing…
As part of its continuing strategy to provide integrated products, services and technology across the entire investment lifecycle, Northern Trust (NTRS) has entered into a strategic alliance with BlackRock (BLK) to deliver enhanced operations, data, and servicing capabilities to mutual clients. These new capabilities, delivered through Aladdin, BlackRock's investment management and operations platform, provide clients with increased efficiency, interoperability and transparency across the back, middle and front office. The relationship with BlackRock currently supports mutual clients and is an extension of Northern Trust Whole Office(TM), an approach that integrates Northern Trust's global asset servicing platform with innovative partners, facilitating client access to new technologies, services and solutions.
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Northern Trust reports Q1 EPS $1.55, consensus $1.45 » 07:3504/2104/21/20
Reports Q1 book value per…
Reports Q1 book value per share $48.04. Reports Q1 net charge-offs 0.7%. Reports Q1 CET1 capital ratio 11.7%. "The ongoing pandemic has brought health and economic challenges on an unprecedented global scale," said Michael O'Grady, chairman and CEO. "Our focus during this time has been on the safety of our staff, serving our clients, and supporting our communities. We have maintained mission critical services to our clients even as we transitioned the vast majority of our staff to a remote work environment. We have also continued our long-standing focus on supporting our communities, including facilitating loans through the Small Business Administration Paycheck Protection Program and providing philanthropic support to several nonprofit organizations around the world, beginning with those focused on immediate healthcare, food, and other humanitarian relief efforts."
UBS downgrades Northern Trust to Sell on downside earnings risk » 21:4004/0504/05/20
UBS analyst Brennan…
UBS analyst Brennan Hawken downgraded Northern Trust (NTRS) to Sell from Neutral with a price target of $65, down from $105. The bank is more at risk to negative earnings revisions than peers, says the analyst, whose updated 2021 estimates are 33% below consensus. However, Northern Trust's valuation premium to peers is several standard deviation above its long-term average, Hawken tells investors in a research note. As such, the company "far more vulnerable to downside," contends Hawken. Among the trust banks, the analyst continues to prefer BNY Mellon (BK).
Northern Trust downgraded to Sell from Neutral at UBS » 21:1304/0504/05/20
UBS analyst Brennan…
UBS analyst Brennan Hawken downgraded Northern Trust to Sell from Neutral with a price target of $65, down from $105.
Northern Trust 2020 Annual Meeting of Stockholders to be held as virtual event » 16:3304/0104/01/20
Northern Trust announced…
Northern Trust announced a change in location of its 2020 Annual Meeting of Stockholders, scheduled to take place on Tuesday, April 21 at 10:30 a.m. Central Time. In light of recent public health concerns regarding COVID-19, the Annual Meeting will be held solely by remote communication, in a virtual-only format.
BNY Mellon named 'Buy Catalyst Call' at Deutsche Bank » 07:5603/3103/31/20
Deutsche Bank analyst…
Deutsche Bank analyst Brian Bedell placed a "Buy Catalyst Call" on shares of BNY Mellon (BNY), hedged against Northern Trust (NTRS). The analyst believes BNY's Q1 earnings should exceed current consensus expectations and that the stock should outperform Northern Trust during the Q1 earnings reason.
Northern Trust upgraded to Peer Perform from Underperform at Wolfe Research » 08:2803/2503/25/20
Wolfe Research analyst…
Wolfe Research analyst Steven Chubak upgraded Northern Trust to Peer Perform from Underperform.
Northern Trust downgraded to Neutral from Buy at Goldman Sachs » 06:2703/2403/24/20
Goldman Sachs analyst…
Goldman Sachs analyst Alexander Blostein downgraded Northern Trust to Neutral from Buy with a price target of $70, down from $96. Although the company remains one of the faster organically growing franchises in the space with ample excess capital and limited credit risk, its earnings have the greatest risk for further downside from here should the macroeconomic backdrop worsen, Blostein tells investors in a research note. Northern Trust has the least defensive revenue mix of the trust banks, says the analyst.
Northern Trust temporarily suspends purchase share repurchases » 16:4303/1603/16/20
Northern Trust Corporation announced that it has temporarily suspended purchases of its common stock under its share repurchase program. The decision is consistent with broader efforts, including actions of other large U.S.-based banks, to mitigate the impact of the COVID-19 pandemic on individuals, businesses and the economy by maintaining strong capital levels and liquidity in the U.S. financial system. Northern Trust retains the ability to resume purchases of its common stock under its share repurchase program as soon as circumstances warrant. Northern Trust remains strong and well-capitalized. Northern Trust has consistently passed the Federal Reserve's annual stress tests with strong performance and has ample capital and liquidity to serve our clients even during a severe economic downturn.
Northern Trust lowers prime rate to 3.25% from 4.25%, effective March 16 11:4303/1603/16/20