Story updated at 10:05 a.m. to reflect market activity.
Northern Trust fell 1% to $63.51 in morning trading.
The bank's analysts said Northern Trust is expensive as an asset manager though it has less flexibility.
Analysts Brennan Hawken and David Eads wrote "NTRS is current at the high end of the valuation range among asset managers, without the recent track record of earnings growth. Also, now that NTRS is subject to the CCAR process, it has less capital flexibility and higher regulatory / legal expenses due to its BHC status. Therefore, given these negatives plus the fact that NTRS trades at 18.5x NTM earnings, we believe there is more value in other names."
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Separately, TheStreet Ratings team rates NORTHERN TRUST CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NORTHERN TRUST CORP (NTRS) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, expanding profit margins, increase in stock price during the past year and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."