What's Going On With Northern Trust Shares Today?
Portfolio Pulse from Shivani Kumaresan
Northern Trust Corp reported a Q2 FY23 sales decline of 1.3% YoY to $1.76 billion, missing the analyst consensus. The EPS of $1.56 also missed the consensus estimate. Total noninterest expenses climbed 9% to $1.33 billion. The company declared $157.8 million in common stock dividends and repurchased $99.3 million of common stock in Q2. Total assets under custody/administration increased 5% YoY. The company's shares are trading higher by 8.78%.
July 19, 2023 | 2:07 pm
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Northern Trust Corp's Q2 FY23 sales and EPS missed estimates, but the company declared dividends and repurchased stock. Shares are up 8.78%.
Despite missing sales and EPS estimates, Northern Trust Corp's shares are trading higher. This could be due to the company's declaration of dividends and stock repurchase, which are generally seen as positive signals by investors. The increase in total assets under custody/administration also indicates growth in the company's operations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100