A handful of dividend-paying financial institutions posted their quarterly results this morning, none of which impressed investors much. Here’s a quick summary of what they reported, along with the market’s initial reaction to each.
Community Trust Bancorp, Inc. (CTBI) reported fourth quarter earnings rose 33% compared to the same period last year, as its profit of $0.61 per share ($0.60 diluted) blew away the $0.49 expected by analysts. Shares of CTBI opened up a penny at $29.84 (+0.03%), where they yield 4.09%.
Goldman Sachs Group, Inc. (GS) posted fourth quarter earnings of $3.79 per share on $8.6 billion in revenue. Although the firm’s profit was down more than 50% compared to last year, it still topped the consensus analyst estimate ($3.76 per share), while sales failed to meet the $9 billion expected by Wall Street. Shares of GS opened at $169.46 (-2.99%), where they carry a 0.83% dividend yield.
Hudson City Bancorp (HCBK) reported an 11% decrease in fourth quarter net income, but earnings per share of $0.25 still managed to top the $0.23 per share expected by Wall Street. Net interest income fell 24% to $251.8 million. The disappointing quarter is likely a sign of things to come, judging by the following CEO commentary: “Our fourth quarter earnings are more reflective of the trend we expect in 2011.” Shares of HCBK fell as low as $12.25 (-6.91%) in early trading, where they carry a 4.90% dividend yield.
Northern Trust Corporation (NTRS) posted fourth quarter earnings of $0.59 per share, down 22% compared to a year ago and well short of the expected $0.71 per share. Revenue fell 5% to $906.4 million, also short of Wall Street’s expectations ($922 million). Shares of NTRS opened at $53.50 (-3.85%), where they feature a 2.09% dividend yield.
State Street Corporation (STT) reported net income of just $83 million, down 83% year over year, but its adjusted fourth quarter earnings of $0.87 per share edged the $0.86 expected by Wall Street. Revenue fell 12% to $2 billion, falling short of the $2.14 billion consensus view. Shares of STT fell as low as $47.70 (-4.71%), where they yield just 0.08%.
The Bank of New York Mellon Corporation (BK) posted fourth quarter income from continuing operations of $0.55 per share on $3.8 billion in revenue, falling short of the profit expected by Wall Street ($0.57 per share) but beating the consensus revenue view ($3.57 billion) handily. Shares of BK opened at $31.84 (-0.56%), where they yield 1.13%.
U.S. Bancorp (USB) reported a 62% rise in its fourth quarter profit as its adjusted fourth quarter earnings $0.46 per share matched the consensus view. Revenue rose 8% for the quarter to $4.72 billion, topping the $4.53 billion expected by Wall Street. Shares of USB opened down slightly to $27.21 (-0.37%), where they carry a 0.74% dividend yield.
Wells Fargo & Company (WFC) posted a fourth quarter profit of $0.61 per share, matching Wall Street’s expectations with the 21% improvement over last year’s Q4 figure. Revenue fell 5% to $21.5 billion, but still beat the consensus view ($21 billion). Shares of WFC opened lower at $32.06 (-1.32%), where they yield 0.62%.