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 $1.62 per share, which beat the Zacks Consensus Estimate of $1.58.
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 moved marginally upward over the last 30 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 7.4%.
Revenues Came In Line
State Street posted revenues (on GAAP basis) of $3.02 billion, which was at par with the Zacks Consensus Estimate. The figure was 13.2% above the prior-year quarter.
Key Q1 Statistics
- New asset servicing mandates totaled $1.3 trillion
- Assets under custody and administration were $33.3 trillion as of Mar 31, 2018
- Assets under management were $2.73 billion as of Mar 31, 2018
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!
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