Nomura Securities Maintains a 'Neutral' on Northern Trust (NTRS); Q1 Review

Nomura Securities maintains a 'Neutral' on Northern Trust (NASDAQ: NTRS) price target of $48.00.

Analyst, Glenn Schorr, said, "1Q12 Reported EPS of $0.66 vs Our/Street Estimates of $0.65/$0.66. NTRS had good positive operating leverage in 1Q as revenues rose 1% and non-interest expenses fell 6% (-1% on adjusted basis) as the markets drove AUC (+8% q/q) and related fees higher. The net interest margin held up (-1 bps) on adjusted basis, while NPAs fell 10% (though the provision had a episodic benefit from higher recoveries). On the negative side, FX was a drag on the quarter (-14% q/q), and the recent influx of deposit began reversing (deposits -4% q/q). We tweaked our 2012 EPS estimate but our $48 price target remains unchanged (based on 14x our 2013 EPS estimate of $3.40)."

For an analyst ratings summary and ratings history on Northern Trust click here. For more ratings news on Northern Trust click here.

Shares of Northern Trust closed at $46.87 yesterday.

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