NEW YORK (TheStreet) -- State Street
(STT - Get Report) shares are down -1.5% to $68.74 in heavy trading volume despite the company beating analysts second quarter earnings estimates by 13 cents per share, reporting earnings of $1.39 per share.
Revenues rose 4.7% over the previous year's second quarter to $2.68 billion, ahead of analysts $2.6 billion estimates.
The custody bank's lending and investing arms suffered due to the Fed's low benchmark interest rate. However the company's custody assets rose to $21.7 trillion, helping offset the loss of business due to the lower interest rate.
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