What's Going On With Northern Trust Shares Today?

Northern Trust Corp NTRS reported a second-quarter FY23 sales decline of 1.3% year-on-year to $1.76 billion, missing the analyst consensus of $1.77 billion.

EPS of $1.56 missed the consensus estimate of $1.62 with a return on average common equity of 12.4%.

Net interest margin for the quarter rose 22 basis points Y/Y to 1.57%.

Total noninterest expenses climbed 9% to $1.33 billion.

Common Equity Tier (CET) 1 capital was 11.3% versus 10.5% last year.

The net income for the quarter decreased 16% Y/Y to $331.8 million.

Northern Trust declared $157.8 million in common stock dividends and $4.7 million in preferred stock dividends in Q2. It repurchased $99.3 million of common stock in Q2.

Total assets under custody/administration increased 5% Y/Y to $14,478.9 billion.

"As we enter the second half of the year, we remain vigilant in our efforts to grow and deepen our client franchise while driving greater efficiency in our operating model," said Chairman and CEO Michael G. O'Grady.

Northern Trust has declared a quarterly cash dividend of $0.75 per share on its common stock, payable on October 1, 2023, to holders of record on September 8, 2023.

Price Action: NTRS shares are trading higher by 8.78% at $78.00 on the last check Wednesday.