Shares of asset management firm Northern Trust Corporation (NTRS) are falling more than 5% Wednesday morning after the company’s third-quarter results missed analysts’ view.
Earnings in the third quarter was relatively flat at $375.4 million or $1.80 per share compared with $376.5 million or $1.80 per share in the same quarter a year ago. On average, 15 analysts polled by Thomson-Reuters expected the company to report earnings of $1.84 per share.
Quarterly revenue, however, increased to $1.755 billion from $1.634 billion last year. On an adjusted basis, revenue was $1.767 billion. The consensus estimate was for $1.77 billion.
The company’s net interest income declined to $525.3 million from $387.7 million in the previous year.
NTRS, currently at $82.40, has traded in the range of $77.50-$135.15 in the last 1 year.
Source: Read Full Article