RTTNews | Jan 19, 2021 07:48AM EST

07:48 Tuesday, January 19, 2021 (RTTNews.com) - State Street Corp. (STT) reported Tuesday that its fourth-quarter net income decreased to $537 million from $564 million in the prior-year quarter. However, earnings per share increased to $1.39 from $1.35 in the previous year.

Excluding items, the company reported adjusted earnings of $1.69 per share for the quarter. On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.56 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter declined 4 percent to $2.92 billion from $3.05 billion last year. Analysts expected revenues of $2.82 billion for the quarter.

Fee revenue increased 2 percent, largely due to strong forex trading revenue, and improved Servicing and Management fees. These were was partially offset by a decline in Securities finance as well as Software and processing fees.

In January 2021, State Street's Board authorized common share repurchases up to $475 million. The company also recently announced the redemption of $500 million of preferred stock.

Read the original article on RTTNews ( https://www.rttnews.com/3161420/state-street-q4-profit-declines-but-results-beat-estimates-quick-facts.aspx)

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