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State Street (STT) Beats on Q4 Earnings, Revenues Lag
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Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q4 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 $1.83 per share, which beat the Zacks Consensus Estimate of $1.71.
Rise in revenues primarily supported the results.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for State Street depicted a bullish stance prior to the earnings release. The Zacks Consensus Estimate increased 1.2% over the last 30 days.
Also, State Street has a decent earnings surprise history. Before posting the earnings beat in Q4, the company delivered positive surprises in all four trailing quarters, with an average beat of 8.3%.
State Street posted revenues (on GAAP basis) of $2.85 billion, which was below the Zacks Consensus Estimate of $2.98 billion.
Key Q4 Statistics
Recorded one-time net costs of $270 million or 72 cents per share related to tax reform
New asset servicing mandates totaled $445 billion
Assets under custody and administration were $33.1 trillion as of Dec 31, 2017
Assets under management were $2.78 billion as of Dec 31, 2017
Management now expects to realize the previously announced State Street Beacon target savings of $550 million by mid-2019, from the prior target date of 2020-end.
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!
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
State Street (STT) Beats on Q4 Earnings, Revenues Lag
Have you been eager to see how State Street Corporation (STT - Free Report) performed in Q4 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 $1.83 per share, which beat the Zacks Consensus Estimate of $1.71.
Rise in revenues primarily supported the results.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for State Street depicted a bullish stance prior to the earnings release. The Zacks Consensus Estimate increased 1.2% over the last 30 days.
Also, State Street has a decent earnings surprise history. Before posting the earnings beat in Q4, the company delivered positive surprises in all four trailing quarters, with an average beat of 8.3%.
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 $2.85 billion, which was below the Zacks Consensus Estimate of $2.98 billion.
Key Q4 Statistics
Management now expects to realize the previously announced State Street Beacon target savings of $550 million by mid-2019, from the prior target date of 2020-end.
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!
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>