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State Street (STT) Beat on Q3 Earnings & Revenue Estimates
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Have you been eager to see how State Street (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 adjusted earnings of $1.51 per share, which beat the Zacks Consensus Estimate of $1.40.
Cost saving efforts supported the results.
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 moved nearly 1% lower over the past seven days.
Nonetheless, State Street has an impressive 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 2%.
State Street posted revenues of $2.90 billion, which beat the Zacks Consensus Estimate of $2.86 billion. However, the figure was 2.9% down from the prior-year quarter.
Key Q3 Statistics
Including notable items, earnings came in at $1.42 per share
Achieved $275 million in savings in the first nine months of 2019. State Street projects to generate roughly $400 million in cost savings in 2019.
Expenses increased 4.3% year over year to $2.18 billion
Assets under custody and administration were $32.9 trillion as of Sep 30, 2019
Assets under management were $3 trillion as of Sep 30, 2019
Returned roughly $690 million to shareholders, consisting of $500 million worth of share repurchases and nearly $190 million in dividends
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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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
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State Street (STT) Beat on Q3 Earnings & Revenue Estimates
Have you been eager to see how State Street (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 adjusted earnings of $1.51 per share, which beat the Zacks Consensus Estimate of $1.40.
Cost saving efforts supported the results.
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 moved nearly 1% lower over the past seven days.
Nonetheless, State Street has an impressive 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 2%.
State Street Corporation Price and EPS Surprise
State Street Corporation price-eps-surprise | State Street Corporation Quote
Revenue Came in Higher than Expected
State Street posted revenues of $2.90 billion, which beat the Zacks Consensus Estimate of $2.86 billion. However, the figure was 2.9% down from the prior-year quarter.
Key Q3 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!
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>