SEC Form 13F-HR filed by Northern Trust Corporation

11/14/25 2:34:26 PM ET

Major Banks

Finance

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SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL

OMB Number:			3235-0006
Estimated average burden
hours per response:			23.8

Report for the Calendar Year or Quarter Ended:

09-30-2025

Check here if Amendment		Amendment Number:
This Amendment (Check only one.):		is a restatement.
		adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:	NORTHERN TRUST CORP
Address:	50 S LASALLE ST

	CHICAGO, IL 60603
Form 13F File Number:	028-00290
CRD Number (if applicable):
SEC File Number (if applicable):	001-36609

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:	Michael Hunstad
Title:	Executive Vice President
Phone:	(312) 630-6000
Signature, Place, and Date of Signing:
Michael Hunstad		Chicago, IL	11-13-2025
[Signature]		[City, State]	[Date]

Report Type (Check only one.):
	13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
	13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
X	13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.]
	Name	Form 13F File No.	CRD No. (if applicable)	SEC File No. (if applicable)	CIK
	KELLOGG W K FOUNDATION TRUST	028-15333			0001197921
	First Sentier Investors (Australia) IM Ltd	028-14423	000160034	801-73006	0001513216
	LAZARD ASSET MANAGEMENT LLC	028-10469	000122836	801-61701	0001207017
	CAUSEWAY CAPITAL MANAGEMENT LLC	028-11728	000113308	801-60343	0001165797
	WELLINGTON MANAGEMENT GROUP LLP	028-04557	000130131	801-62752	0000902219
	WCM INVESTMENT MANAGEMENT, LLC	028-07104	000104702	801-11916	0001061186
	Westwood Global Investments, LLC	028-11863	000125012	801-61776	0001356513
	VICTORY CAPITAL MANAGEMENT INC	028-06354	000106189	801-46878	0001040188
	Aristotle Capital Management, LLC	028-02634	000109876	801-60014	0000860644
	ARIEL INVESTMENTS, LLC	028-04003	000108211	801-18767	0000936753
	AXIOM INVESTORS LLC /DE	028-05615	000109605	801-56651	0001109147
	MASSACHUSETTS FINANCIAL SERVICES CO /MA/	028-04968	000110045	801-17352	0000912938
	JANUS HENDERSON GROUP PLC	028-10904	000104652	801-13991	0001274173
	KBI Global Investors (North America) Ltd	028-13513	000113606	801-60358	0001463879
	Clearbridge Investments, LLC	028-11611	000137028	801-64710	0001348883
	Grantham, Mayo, Van Otterloo & Co. LLC	028-11599	000106220	801-15028	0001352662
	EAGLE GLOBAL ADVISORS LLC	028-06213	000107306	801-53294	0001130787
	GENERATION INVESTMENT MANAGEMENT LLP	028-12114	000164371	802-77005	0001375534
	Van Hulzen Asset Management, LLC	028-15895	000116632	801-61884	0001600145
	PZENA INVESTMENT MANAGEMENT LLC	028-03791	000106847	801-50838	0001027796
	BAILLIE GIFFORD & CO	028-04825	000304197	802-116796	0001088875
	Burgundy Asset Management Ltd.	028-11129	000114317	801-60503	0001315868
	Neuberger Berman Group LLC	028-13573	000002908	801-3908	0001465109
	WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	028-17022	000173961	801-80640	0001644956
	DRIEHAUS CAPITAL MANAGEMENT LLC	028-04207	000105757	801-18439	0000938206
	RIVERBRIDGE PARTNERS LLC	028-05655	000108074	801-57432	0001112325
	Lisanti Capital Growth, LLC	028-12654	000130023	801-62639	0001424467
	JACOBS LEVY EQUITY MANAGEMENT, INC	028-03059	000107022	801-28257	0000884414
	PARAMETRIC PORTFOLIO ASSOCIATES LLC	028-04558	000114310	801-60485	0000932859
	AMERICAN CENTURY INVESTMENT MANAGEMENT INC	028-01091	000105778	801-8174	0000052388
	Colonial First State Investments Ltd	028-14421	000175193	801-108196	0001513287
	HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	028-10068	000114649	801-60512	0001164833
	CLIFFORD CAPITAL PARTNERS LLC	028-18460	000153956	801-78911	0001730467
	Capital Group Private Client Services, Inc.	028-21408	000312837	801-121267	0001857666
	Coho Partners, Ltd.	028-11563	000111335	801-60111	0001350585
	V-Square Quantitative Management LLC	028-23188	000310355	801-119868	0001943239
	LSV ASSET MANAGEMENT	028-06580	000109918	801-47689	0001050470
	SNYDER CAPITAL MANAGEMENT L P	028-06636	000108518	801-54641	0001050477
	Haven Global Partners LP		000289472	801-120377	0001414702
	Madison Investment Advisors, LLC	028-14137	000110297	801-52751	0001507115
	Copeland Capital Management, LLC	028-14668	000135822	801-68586	0001541743
	JENNISON ASSOCIATES LLC	028-00074	000107959	801-5608	0000053417
	Promethos Capital, LLC	028-24042	000300915	801-114880	0001908619
	FAYEZ SAROFIM & CO	028-10991	000106584	801-1725	0000937729
	FMR LLC	028-00451	000133196	801-63658	0000315066
	COHEN & STEERS CAPITAL MANAGEMENT INC	028-02405	000106266	801-27721	0000845563
	ALLIANCEBERNSTEIN L.P.	028-10562	000108477	801-56720	0001109448
	Metis Global Partners, LLC	028-21796	000167276	801-91173	0001594916

Form 13F Summary Page
	Report Summary:
	Number of Other Included Managers:	11
	Form 13F Information Table Entry Total:	20,749
	Form 13F Information Table Value Total:	781,707,215,146
		(round to nearest dollar)

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
	No.	Name	Form 13F File No.	CRD No. (if applicable)	SEC File No. (if applicable)	CIK
	1	NORTHERN TRUST CO	028-10495			0000919972
	8	Northern Trust Investments, Inc	028-10487	000105780	801-33358	0001256909
	9	NORTHERN TRUST GLOBAL INVESTMENTS LTD	028-10549	000111900	801-60152	0001145619
	11	Northern Trust Global Investments Japan, KK	028-25144			0002054533
	12	NT Global Advisors, Inc	028-25145			0002056253
	13	Northern Trust Asset Management Australia Pty Ltd	028-25142			0002054683
	14	Northern Trust Co of Hong Kong Ltd	028-25143			0002056192
	15	MASON STREET ADVISORS, LLC	028-10206			0001167711
	16	STATE FARM INVESTMENT MANAGEMENT CORP	028-00536			0000729056
	17	DWS INVESTMENT MANAGEMENT AMERICAS, INC	028-10249			0001179124
	19	Green Century Capital Management, Inc.	028-24809			0001491252

Get the next $NTRS alert in real time by email

Recent Analyst Ratings for

$NTRS

Date	Price Target	Rating	Analyst
10/3/2025	$142.00	Market Perform	BMO Capital Markets
9/25/2025		Buy	TD Cowen
9/5/2025	$135.00	Neutral	Citigroup
7/24/2025		Underperform → Peer Perform	Wolfe Research
7/11/2025	$120.00	Mkt Perform → Underperform	Keefe Bruyette
4/7/2025	$95.00	Equal-Weight → Underweight	Morgan Stanley
12/9/2024	$103.00 → $127.00	Underweight → Equal-Weight	Morgan Stanley
9/26/2024	$84.00 → $82.00	Neutral → Sell	Goldman

More analyst ratings

SEC Form 13F-HR filed by Northern Trust Corporation

11/14/25 2:34:26 PM ET

$NTRS

Major Banks

Finance

Get the next $NTRS alert in real time by email

SEC FORM 13F-HR

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL

OMB Number:			3235-0006
Estimated average burden
hours per response:			23.8

Report for the Calendar Year or Quarter Ended:

09-30-2025

Check here if Amendment		Amendment Number:
This Amendment (Check only one.):		is a restatement.
		adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:	NORTHERN TRUST CORP
Address:	50 S LASALLE ST

	CHICAGO, IL 60603
Form 13F File Number:	028-00290
CRD Number (if applicable):
SEC File Number (if applicable):	001-36609

Person Signing this Report on Behalf of Reporting Manager:
Name:	Michael Hunstad
Title:	Executive Vice President
Phone:	(312) 630-6000
Signature, Place, and Date of Signing:
Michael Hunstad		Chicago, IL	11-13-2025
[Signature]		[City, State]	[Date]

Report Type (Check only one.):
	13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
	13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
X	13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.]
	Name	Form 13F File No.	CRD No. (if applicable)	SEC File No. (if applicable)	CIK
	KELLOGG W K FOUNDATION TRUST	028-15333			0001197921
	First Sentier Investors (Australia) IM Ltd	028-14423	000160034	801-73006	0001513216
	LAZARD ASSET MANAGEMENT LLC	028-10469	000122836	801-61701	0001207017
	CAUSEWAY CAPITAL MANAGEMENT LLC	028-11728	000113308	801-60343	0001165797
	WELLINGTON MANAGEMENT GROUP LLP	028-04557	000130131	801-62752	0000902219
	WCM INVESTMENT MANAGEMENT, LLC	028-07104	000104702	801-11916	0001061186
	Westwood Global Investments, LLC	028-11863	000125012	801-61776	0001356513
	VICTORY CAPITAL MANAGEMENT INC	028-06354	000106189	801-46878	0001040188
	Aristotle Capital Management, LLC	028-02634	000109876	801-60014	0000860644
	ARIEL INVESTMENTS, LLC	028-04003	000108211	801-18767	0000936753
	AXIOM INVESTORS LLC /DE	028-05615	000109605	801-56651	0001109147
	MASSACHUSETTS FINANCIAL SERVICES CO /MA/	028-04968	000110045	801-17352	0000912938
	JANUS HENDERSON GROUP PLC	028-10904	000104652	801-13991	0001274173
	KBI Global Investors (North America) Ltd	028-13513	000113606	801-60358	0001463879
	Clearbridge Investments, LLC	028-11611	000137028	801-64710	0001348883
	Grantham, Mayo, Van Otterloo & Co. LLC	028-11599	000106220	801-15028	0001352662
	EAGLE GLOBAL ADVISORS LLC	028-06213	000107306	801-53294	0001130787
	GENERATION INVESTMENT MANAGEMENT LLP	028-12114	000164371	802-77005	0001375534
	Van Hulzen Asset Management, LLC	028-15895	000116632	801-61884	0001600145
	PZENA INVESTMENT MANAGEMENT LLC	028-03791	000106847	801-50838	0001027796
	BAILLIE GIFFORD & CO	028-04825	000304197	802-116796	0001088875
	Burgundy Asset Management Ltd.	028-11129	000114317	801-60503	0001315868
	Neuberger Berman Group LLC	028-13573	000002908	801-3908	0001465109
	WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	028-17022	000173961	801-80640	0001644956
	DRIEHAUS CAPITAL MANAGEMENT LLC	028-04207	000105757	801-18439	0000938206
	RIVERBRIDGE PARTNERS LLC	028-05655	000108074	801-57432	0001112325
	Lisanti Capital Growth, LLC	028-12654	000130023	801-62639	0001424467
	JACOBS LEVY EQUITY MANAGEMENT, INC	028-03059	000107022	801-28257	0000884414
	PARAMETRIC PORTFOLIO ASSOCIATES LLC	028-04558	000114310	801-60485	0000932859
	AMERICAN CENTURY INVESTMENT MANAGEMENT INC	028-01091	000105778	801-8174	0000052388
	Colonial First State Investments Ltd	028-14421	000175193	801-108196	0001513287
	HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	028-10068	000114649	801-60512	0001164833
	CLIFFORD CAPITAL PARTNERS LLC	028-18460	000153956	801-78911	0001730467
	Capital Group Private Client Services, Inc.	028-21408	000312837	801-121267	0001857666
	Coho Partners, Ltd.	028-11563	000111335	801-60111	0001350585
	V-Square Quantitative Management LLC	028-23188	000310355	801-119868	0001943239
	LSV ASSET MANAGEMENT	028-06580	000109918	801-47689	0001050470
	SNYDER CAPITAL MANAGEMENT L P	028-06636	000108518	801-54641	0001050477
	Haven Global Partners LP		000289472	801-120377	0001414702
	Madison Investment Advisors, LLC	028-14137	000110297	801-52751	0001507115
	Copeland Capital Management, LLC	028-14668	000135822	801-68586	0001541743
	JENNISON ASSOCIATES LLC	028-00074	000107959	801-5608	0000053417
	Promethos Capital, LLC	028-24042	000300915	801-114880	0001908619
	FAYEZ SAROFIM & CO	028-10991	000106584	801-1725	0000937729
	FMR LLC	028-00451	000133196	801-63658	0000315066
	COHEN & STEERS CAPITAL MANAGEMENT INC	028-02405	000106266	801-27721	0000845563
	ALLIANCEBERNSTEIN L.P.	028-10562	000108477	801-56720	0001109448
	Metis Global Partners, LLC	028-21796	000167276	801-91173	0001594916

Form 13F Summary Page
	Report Summary:
	Number of Other Included Managers:	11
	Form 13F Information Table Entry Total:	20,749
	Form 13F Information Table Value Total:	781,707,215,146
		(round to nearest dollar)

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
	No.	Name	Form 13F File No.	CRD No. (if applicable)	SEC File No. (if applicable)	CIK
	1	NORTHERN TRUST CO	028-10495			0000919972
	8	Northern Trust Investments, Inc	028-10487	000105780	801-33358	0001256909
	9	NORTHERN TRUST GLOBAL INVESTMENTS LTD	028-10549	000111900	801-60152	0001145619
	11	Northern Trust Global Investments Japan, KK	028-25144			0002054533
	12	NT Global Advisors, Inc	028-25145			0002056253
	13	Northern Trust Asset Management Australia Pty Ltd	028-25142			0002054683
	14	Northern Trust Co of Hong Kong Ltd	028-25143			0002056192
	15	MASON STREET ADVISORS, LLC	028-10206			0001167711
	16	STATE FARM INVESTMENT MANAGEMENT CORP	028-00536			0000729056
	17	DWS INVESTMENT MANAGEMENT AMERICAS, INC	028-10249			0001179124
	19	Green Century Capital Management, Inc.	028-24809			0001491252

Get the next $NTRS alert in real time by email

Recent Analyst Ratings for

$NTRS

Date	Price Target	Rating	Analyst
10/3/2025	$142.00	Market Perform	BMO Capital Markets
9/25/2025		Buy	TD Cowen
9/5/2025	$135.00	Neutral	Citigroup
7/24/2025		Underperform → Peer Perform	Wolfe Research
7/11/2025	$120.00	Mkt Perform → Underperform	Keefe Bruyette
4/7/2025	$95.00	Equal-Weight → Underweight	Morgan Stanley
12/9/2024	$103.00 → $127.00	Underweight → Equal-Weight	Morgan Stanley
9/26/2024	$84.00 → $82.00	Neutral → Sell	Goldman

More analyst ratings

SEC Form 13F-HR filed by Northern Trust Corporation

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Recent Analyst Ratings for
$NTRS

SEC Form 13F-HR filed by Northern Trust Corporation

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$NTRS
Insider Trading

Executive Vice President South Thomas A covered exercise/tax liability with 1,048 shares, decreasing direct ownership by 1% to 76,888 units (SEC Form 4)

Chairman and CEO O'Grady Michael covered exercise/tax liability with 770 shares, decreasing direct ownership by 1% to 63,986 units (SEC Form 4)

Vice Chairman Fradkin Steven L covered exercise/tax liability with 336 shares, decreasing direct ownership by 0.77% to 43,257 units (SEC Form 4)

$NTRS
SEC Filings

SEC Form 8-K filed by Northern Trust Corporation