Northern Trust (NASDAQ:NTRS) Executive Vice President and Chief Financial Officer David W. Fox Jr. executed a sale of 3,255 shares of the company's common stock on March 4, 2026, according to a Form 4 filed with the Securities and Exchange Commission. The shares moved at a weighted average price between $143.86 and $144.07, producing gross proceeds of $468,361.
At the time of the filing the stock was trading at $143.50 and Northern Trust carried a market capitalization of $26.71 billion. The share price has risen roughly 40% over the prior 12 months.
Following the disposition, Fox retains direct ownership of 14,552 shares of Northern Trust common stock. The filing also indicates indirect holdings under his investment control: 38,575 shares, 5,000 shares and 11 shares held through various trusts where he serves as trustee and has investment authority.
Company performance and analyst response
Northern Trust reported fourth-quarter 2025 core earnings per share of $2.62, a result that topped market expectations. Management and the filing attribute the outperformance to stronger pre-tax pre-provision income and a reduction in provision expenses.
Market analysts have reacted by lifting their price targets. RBC Capital increased its target to $159, citing robust revenue growth and positive operating leverage. TD Cowen raised its target to $175 while maintaining a Buy rating. Evercore ISI moved its target to $155, pointing to improved momentum across the firm's business segments.
Leadership changes
Northern Trust has announced several senior appointments that accompany the recent financial results. Jessica Donohue has been named head of Asset Servicing, Americas; Donohue previously held senior roles at State Street and joined Northern Trust in September 2025. In addition, Northern Trust Asset Management appointed Gijsbert de Lange as its first chief innovation strategist, with responsibility for integrating advanced AI and research into investment strategies. The appointments reflect targeted leadership and innovation priorities within the firm.
The Form 4 filing documents the specifics of Fox's sale and remaining holdings, while the company-level disclosures and analyst revisions provide context on Northern Trust's current operational trajectory. Investors may weigh insider transactions alongside the firm’s reported earnings strength and recent executive moves when evaluating the stock.