Capital One: Seasonal Flu Loser

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State Street Impresses

State Street (STT) 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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-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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