Northern Trust’s Q2 Profit Falls 36%, but Still Beats View

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Investment manager Northern Trust Corporation ( NTRS ) on Wednesday posted second quarter profits that plunged 36% from last year, but results were still more than enough to beat analyst expectations.

The Chicago, IL-based company reported second quarter net income of $199.6 million, or 82 cents per share, compared with $314.2 million, or 95 cents per share, in the year-ago period.

On average, Wall Street analysts expected a smaller profit of 74 cents per share.

NTRS also said that revenue fell 7% from last year, to $974 million, hurt by effects stemming from low interest rates.

Northern Trust shares rose 68 cents, or +1.4%, in premarket trading Wednesday.

The Bottom Line
We removed NTRS from our "recommended" list on Sept.29, 2008 when the stock was trading at $79.90 a share. The company has a 2.27% dividend yield, based on last night's closing stock price of $49.32. The stock has technical support in the $46 price area. If the shares can firm up, we see overhead resistance around the $52-$54 price levels. We would remain on the sidelines for now.

Northern Trust Corporation ( NTRS ) is not recommended at this time, holding a DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: NTRS

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