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State Street (STT) Beat on Q2 Earnings, Revenues Lag
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Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q2 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 $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.26.
Lower expenses primarily led to the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for State Street depicted a bullish trend prior to the earnings release. The Zacks Consensus Estimate increased nearly 1% over the last 30 days.
However, State Street has a decent earnings surprise history. Before posting the earnings beat in Q2, the company delivered positive surprises in three of the trailing four quarters, with an average beat of 1.46%.
State Street posted revenues (on GAAP basis) of $2.57 billion, which was below the Zacks Consensus Estimate of $2.66 billion.
Key Statistics & Developments
Net outflows of $35 billion in asset management business
New asset servicing mandates totaled $750 billion
On track to generate approximately $100 million in annualized pre-tax net run-rate expense savings from State Street Beacon this year
Completed the acquisition of GE Asset Management on Jul 1
Approval of 2016 capital plan, which includes 12% dividend hike and a $1.4 billion share purchase program
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for State Street. However, since the latest earnings performance is 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) Beat on Q2 Earnings, Revenues Lag
Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q2 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 $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.26.
Lower expenses primarily led to the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for State Street depicted a bullish trend prior to the earnings release. The Zacks Consensus Estimate increased nearly 1% over the last 30 days.
However, State Street has a decent earnings surprise history. Before posting the earnings beat in Q2, the company delivered positive surprises in three of the trailing four quarters, with an average beat of 1.46%.
STATE ST CORP Price and EPS Surprise
STATE ST CORP Price and EPS Surprise | STATE ST CORP Quote
Revenue Came In Lower than Expected
State Street posted revenues (on GAAP basis) of $2.57 billion, which was below the Zacks Consensus Estimate of $2.66 billion.
Key Statistics & Developments
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for State Street. However, since the latest earnings performance is 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!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>