Northern Trust’s Q3 Profit and Revenue Miss the Mark (NTRS)
Asset manager Northern Trust Corporation ( NTRS ) on Wednesday posted disappointing third quarter earnings results, as a 5% gain in profit wasn't enough to meet Wall Street's view.
The Chicago-based company reported third quarter net income of $178.8 million, or 73 cents per share, compared with $170.4 million, or 70 cents per share, in the year-ago period.
Revenue rose ever so slightly from last year to $972.5 million.
On average, Wall Street analysts expected a slightly higher profit of 74 cents per share, on larger revenue of $987.5 million.
Northern Trust shares were mostly flat in premarket trading Wednesday.
The Bottom Line
Shares of Northern Trust ( NTRS ) have a 2.52% dividend yield, based on last night's closing stock price of $47.53. The stock has technical support in the $42-$44 price area. If the shares can firm up, we see overhead resistance around the $49-$50 price levels.
Northern Trust Corporation ( NTRS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.