• Northern Trust average price/book ratio for 2023 was 1.34, a 19.76% increase from 2022.
• Northern Trust average price/book ratio for 2022 was 1.67, a 6.18% decline from 2021.
• Northern Trust average price/book ratio for 2021 was 1.78, a 35.88% decline from 2020.

Price/book ratio can be defined as