Total assets were $222.6 billion as of Dec. 31, increasing by 3% from a year earlier. State Street's assets under custody or administration increased by 4% sequentially and 12% year-over-year, to $24.371 trillion as of Dec. 31. Assets under management grew by 1% from the third quarter and 13% year-over-year, to $2.089 trillion as of Dec 31.
State Street's shares closed at 50.38 Thursday, trading for 11.7 times the consensus 2013 EPS estimate of $4.30. The consensus 2014 EPS estimate is $4.90.
Based on a quarterly payout of 24 cents, the shares have a dividend yield of 1.91%.
The company repurchased 33.4 million shares during 2012 at an average price of $43.11, and said that it had about $360 million authorized for share repurchases through the end of the first quarter.Jefferies analyst Ken Usdin said in a note following the earnings announcement that it was "difficult to derive core EPS given restated results and differing tax treatment, but at worst core EPS is $1.00, which is in line with consensus," and that "core fee momentum, step-up in cost saves and reiteration of [net interest margin guidance] for 2013 all bode well for STT's ability to achieve 2013 consensus of $4.30." State Street's 2013 guidance calls for the net interest margin to range from 1.30% to 1.40%. The company also expects its expenses to decline by $220 million, with another $140 million decline in 2014. Usdin rates State Street a "Hold," with a price target of $52.00. Interested in more on State Street? See TheStreet Ratings' report card for this stock.
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