Why Shares of Northern Trust Are Falling Today
Shares of the large custodian bank Northern Trust (NASDAQ: NTRS) had fallen roughly 9.5% as of 12:53 p.m. ET today after the company reported earnings results for the third quarter of the year this morning.
Northern Trust reported diluted earnings per common share of $1.80 on total revenue of roughly $1.77 billion. Earnings missed analyst estimates for the quarter, while revenue came in line with estimates.
"Northern Trust's third-quarter results reflected consistent execution in the face of challenging macroeconomic and market conditions," CEO Michael O'Grady said in an earnings statement. "Revenue grew 7% compared to last year, as the elimination of money market fee waivers and the favorable impact from higher interest rates more than offset market and currency-related declines in trust fees."
Source Fool.com
