Northern Trust rises after Q3 earnings beat
NTRS•Northern Trust shares gained 1.1% after third-quarter EPS rose to $3.40 from $2.29 a year earlier. Revenue grew 13% to $2.30 billion, while net interest income increased 14% to $747.2 million.
1. Quarterly results
Northern Trust's third-quarter earnings per share rose to $3.40 from $2.29 a year earlier, and revenue grew 13% year over year to $2.30 billion. Net interest income increased 14% to $747.2 million.
2. Analyst assessment
TD Cowen described the results as a “solid core beat,” while noting that much of the beat was due to a lower-than-expected tax rate. Two of 17 brokerages covering the stock rated it “buy” or higher, 11 rated it “hold” and two rated it “sell” or lower; the median price target was $185.
