fell 10% after the lender missed third-quarter targets and cut guidance, citing the effects of an inverted yield curve.
The Boston-based financial service provider made $36 million, or 54 cents a share, for the quarter ended Sept. 30, up from the year-ago $35 million, or 53 cents a share.
Revenue rose to $194 million from $169 million a year earlier.
Analysts were looking for a 36-cent profit on sales of $197 million.
"Despite the inverted yield curve environment, this year we are aggressively accelerating disciplined investments for future growth," the company said. "We expect our employee base to grow almost 25% during this year to service new business and build capacity for continued opportunities in our pipeline. In addition, we continue to invest in our Fund Accounting and Custody Tracking System (FACTS) to remain at the forefront of asset servicing automation."
The company said it expects to make $2.25 to $2.30 for the year, including a tax benefit of 8 cents. It cited hiring costs, narrower than expected reinvestment spreads and lower than expected core and securities lending revenues. Analysts were looking for $2.27.
Shares fell $4.30 to $38.36.