Adjusted earnings per share for financial services company State Street Corporation (STT) beat Wall Street estimates in the fourth quarter as the company saw net income jump helped by higher servicing fees.
The Boston, Massachusetts-based company reported a fourth quarter profit of $470 million, or $1.00 per share, up +23.4% from $381 million,or 76 cents per share, a year earlier. Excluding one time items, adjusted earnings came in at $1.11 per share versus 93 cents in the year ago period.
According to analysts polled by Thomson Reuters, SST was expected to earn $1.00 per share.
Revenue for the quarter was up +5.8% to $2.45 billion, beating analysts’ forecast of $2.36 billion.
State Street also saw servicing fees rise +8.8% to $1.15 million. This increase helped offset a decline in both trading-services revenue and securities finance revenue.
State Street shares were up 32 cents, or +0.64%, during pre-market trading on Friday. The stock is up +17.33% over the past year.
The Bottom Line
Shares of State Street (STT) have a 1.91% dividend yield, based on last night’s closing stock price of $50.38. The stock has technical support in the $46 price area. If the shares can firm up, we see overhead resistance around the $54-$55 price levels.
State Street Corporation (STT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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