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State Street tops 4Q profit forecasts

State Street Financial Center building, which houses the company's headquarters, in Boston, Massachusetts.
Brent Lewin | Bloomberg | Getty Images
State Street Financial Center building, which houses the company's headquarters, in Boston, Massachusetts.

State Street on Friday reported fourth-quarter net income of $544 million.

The Boston-based bank said it had earnings of $1.24 per share. Earnings, adjusted for non-recurring costs, came to $1.37 per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.

The holding company for State Street Bank posted revenue of $2.63 billion in the period, which did not meet Street forecasts. Analysts expected $2.67 billion, according to Zacks.

For the year, the company reported profit of $2.09 billion, or $4.69 per share. Revenue was reported as $10.29 billion.

State Street shares have declined almost 2 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has increased nearly 3 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STT at http://www.zacks.com/ap/STT.