* Q3 adj profit $0.22/shr vs est $0.23/shr

* Q3 revenue falls 3 pct to $93.2 mln

* Financial advisory revenue falls 11 pct

Nov 3 (Reuters) - Financial advisory and investment banking firm Duff & Phelps Corp (DUF.N: Quote, Profile, Research) posted a third-quarter adjusted profit that missed market estimates by a cent, hurt by a drop in financial advisory revenue.

The company posted a net profit attributable to shareholders of $3.4 million, or 14 cents a share, compared with $153,000, or 1 cent a share, a year earlier

On an adjusted pro forma basis, the company earned 22 cents a share.

Analysts on average had expected earnings of 23 cents a share, on revenue of $94.6 million, according to Thomson Reuters I/B/E/S.

Revenue, excluding reimbursable expenses, fell more than 3 percent to $93.2 million. Financial advisory revenue fell 11 percent to $57.6 million.

The company said it was beginning to see early positive signs to support an increase in transactional activity.

Shares of the New York-based company closed at $17.51 Tuesday on the New York Stock Exchange. (Reporting by Jochelle Mendonca in Bangalore; Editing by Ratul Ray Chaudhuri)