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Zions, Northern Trust: Winners & Losers

Tuesday's loser among the largest banks was Northern Trust (NTRS), which saw its shares decline 5% to close at $48.67, after the company reported first-quarter net income of $151 million, or 61 cents a share, missing the consensus earnings estimate of 65 cents a share. The company's first-quarter net interest margin declined to 1.32% from 1.44% a year earlier, although the margin was slightly higher than in the fourth quarter.

New York Community Bancorp (NYB), was down nearly 5% to close at $16.30, after the company reported first-quarter net income of $123.2 million, or 28 cents a share, missing the 31-cent consensus estimate among analysts polled by Thomson Reuters.

Investors were disappointed that earnings came in slightly lower than in the year-earlier period, and although the company's first-quarter return on average assets of 1.34% and 17.01% return on average tangible equity were relatively strong figures, the dividend payout ratio was a bit high, at 89%, based on the 25-cent quarterly payout. New York Community's dividend yield of 6.13%, based on Tuesday's market close, is the highest among the 24 components of the KBW Bank index.

Bank of New York Mellon (BK) reported first-quarter net income from continuing operations of $670 million, or 50 cents a share, missing the consensus estimate of 57 cents a share. With strong capital ratios, CEO Robert Kelly pointed to coming increases to the company's dividend or share buybacks. Shares declined 3% to close at $28.35.

KeyCorp (KEY) was down 2% to close at $8.39, after the company on Monday reported earning 21 cents a share in the first quarter.


-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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