Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q3 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 $1.35 per share, which surpassed the Zacks Consensus Estimate of $1.25.
Rise in revenues 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.
Also, State Street has a decent earnings surprise history. Before posting the earnings beat in Q3, the company delivered positive surprises in three of the trailing four quarters, with an average beat of 5.43%.
Revenue Came In Lower than Expected
State Street posted revenues (on GAAP basis) of $2.62 billion, which was below the Zacks Consensus Estimate of $2.72 billion.
Key Q3 Statistics & Developments
- Net outflows of $36 billion in asset management business (excluding the contribution from the acquired GE Asset Management business)
- New asset servicing mandates totaled $212 billion
- Repurchased approximately $325 million worth of shares
Management now expects State Street Beacon to deliver at least $165 million in estimated annual pre-tax savings in 2016 including targeted staff reductions announced in Oct 2015. This is a rise from $140 million targeted by the company earlier.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) 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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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q3 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 $1.35 per share, which surpassed the Zacks Consensus Estimate of $1.25.
Rise in revenues 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.
Also, State Street has a decent earnings surprise history. Before posting the earnings beat in Q3, the company delivered positive surprises in three of the trailing four quarters, with an average beat of 5.43%.
Revenue Came In Lower than Expected
State Street posted revenues (on GAAP basis) of $2.62 billion, which was below the Zacks Consensus Estimate of $2.72 billion.
Key Q3 Statistics & Developments
Management now expects State Street Beacon to deliver at least $165 million in estimated annual pre-tax savings in 2016 including targeted staff reductions announced in Oct 2015. This is a rise from $140 million targeted by the company earlier.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) 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!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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