State Street Corporation (NYSE:STT) stock fell Friday after the bank posted quarterly results and outlined its outlook.
The company reported fourth-quarter adjusted earnings per share of $2.97, beating the analyst consensus estimate of $2.85.
Quarterly sales $3.667 billion (+7% year over year) outpaced the Street view of $$3.599 billion.
Investment Servicing AUC/A as of quarter-end increased 16% to a record $53.8 trillion, mainly due to higher market levels and flows.
Investment Management AUM as of quarter-end increased 20% to $5.7 trillion.
The company launched 37 new products in the quarter, including 16 ETFs.
Revenue Growth Driven by Fees
Fee revenue rose 8% on stronger servicing, management, FX trading, and securities finance results.
Servicing fees gained 8%, management fees climbed 15%, FX trading rose 13%, and securities finance increased 8%.
Software and processing fees …