Northern Trust Reports $157 Million Profit (NTRS)

Chicago, Illinois-based Northern Trust Corporation NTRS on Wednesday morning released financial results. Northern Trust Corporation reported that its 4th quarter net income fell to $157.1 million, or 64 cents per share, down from $200.3 million, or 82 cents per share, a year earlier. Operating earnings, which exclude the Visa related after-tax benefit of $12.9 million, were $144.2 million, or 59 cents per share. Northern Trust Corporation reported revenue of $906.4 million, down 5% from $950.2 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 71 cents per share, on revenue of $922.83 million. Chairman and chief executive officer Frederick H. Waddell said, “Our results for the fourth quarter and the full year have been constrained by the persistent low interest rate environment, which has negatively impacted net interest income and trust fee levels. The adverse market conditions have not, however, limited our ability to continue to grow and attract new business in our targeted markets. As we move into 2011, we are confident that our strategic positioning, strong balance sheet and capital levels position us for profitable growth.” Northern Trust Corporation (NTRS) ended the previous trading session at $55.64 per share. Analysts covering the company's stock have a consensus price target of $58.98 per share. Northern Trust Corporation is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Read more from Benzinga's Company news.