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State Street Impresses
State Street (STT - Get Report) of Boston was Friday's financial winner, with shares rising 6% to close at $53.36, after the company reported fourth-quarter earnings available to common shareholders of $521 million, or $1.11 a share, beating the consensus estimate of a dollar a share, among analysts polled by Thomson Reuters.
Operating earnings grew from $473 million, or 99 cents a share, in the third quarter, and $454 million, or 93 cents a share, in the fourth quarter of 2011.
Fourth-quarter GAAP earnings available to common shareholders were $468 million, or a dollar a share, and included acquisition and restricting costs totaling $139 million, "primarily related to severance and benefits costs for targeted staff reductions expected to be substantially completed during 2013," which is expected to result in 630 staff positions being eliminated.
State Street's management fees on an operating basis grew 4% sequentially and 29% year-over-year, to $260 million in the fourth quarter, with the year-over-year increase "primarily due to stronger equity markets, net new business, and higher performance fees."Please see TheStreet's earnings coverage for much more detail on State Street's fourth-quarter results.
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