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State Street (STT) Beats on Q1 Earnings, Revenue Lags
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Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this MA -based popular company’s earnings release this morning:
An Earnings Beat
State Street came out with operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of $1.10.
Rise in revenues primarily drove the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for State Street depicted a bearish stance prior to the earnings release. The Zacks Consensus Estimate declined 1.8% over the last 7 days.
Also, State Street has a decent earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in all four trailing quarters, with an average beat of 11.42%.
State Street posted revenues (on GAAP basis) of $2.67 billion, which was below the Zacks Consensus Estimate of $2.75 billion.
Key Q1 Statistics
Net ETF inflows of $12 billion in asset management business
New asset servicing mandates totaled $110 billion
Repurchased approximately $523 million worth of shares, including shares received as part of the sale of BFDS/IFDS
Restructuring costs associated with State Street Beacon were $16 million
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for State Street. However, is since the latest earnings performance yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this State Street earnings report!
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State Street (STT) Beats on Q1 Earnings, Revenue Lags
Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this MA -based popular company’s earnings release this morning:
An Earnings Beat
State Street came out with operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of $1.10.
Rise in revenues primarily drove the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for State Street depicted a bearish stance prior to the earnings release. The Zacks Consensus Estimate declined 1.8% over the last 7 days.
Also, State Street has a decent earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in all four trailing quarters, with an average beat of 11.42%.
State Street Corporation Price and EPS Surprise
State Street Corporation Price and EPS Surprise | State Street Corporation Quote
Revenue Came In Lower than Expected
State Street posted revenues (on GAAP basis) of $2.67 billion, which was below the Zacks Consensus Estimate of $2.75 billion.
Key Q1 Statistics
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for State Street. However, is since the latest earnings performance yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on this State Street earnings report!
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Click here for Zacks' private trades >>