Barclays Maintains an 'Equalweight' on Northern Trust (NTRS); 1Q EPS Follow-up: Low Rates Continue to Pressure Results

Barclays maintains an 'Equalweight' on Northern Trust (NASDAQ: NTRS), PT $65.

Barclays analyst says, "Bottom-line, Northern Trust reported 1Q11 EPS of $0.61, missing consensus estimates for the third straight quarter. Its results remain burdened by the low level of interest rates, which continue to contribute to net interest margin (NIM) and fee waiver pressures. However, looking out, we continue to view the company as well positioned in several attractive businesses. Its record new business wins in PFS in 1Q11 and in C&IS in 4Q10 should not go unnoticed amid its recent reported results in this challenging interest rate and economic environment."

"We are lowering our 2011 EPS estimate to $2.75 from $2.80 to incorporate the 1Q11 EPS miss, as well as the continued challenging low short-term interest rate environment. Still, our lowered NIM forecasts are substantially offset by our increased average earnings asset growth projections. Our 2012 EPS estimate of $3.25 remains unchanged."

For more ratings news on Northern Trust click here and for the rating history of Northern Trust click here.

Shares of Northern Trust closed at $48.67 yesterday.

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