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MarketScreener Homepage  >  Equities  >  Nyse  >  State Street Corporation    STT

STATE STREET CORPORATION

(STT)
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State Street : Reports 24% Drop in Earnings

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10/18/2019 | 08:14am EST

By Robert Barba

State Street Corp. reported a nearly 24% drop in earnings in the third quarter as revenue fell and expenses increased.

The custodian banking firm posted a net income of $583 million, or $1.42 a share, in the quarter, compared with $764 million, or $1.87 a share, a year earlier. On an adjusted basis, the company reported earnings of $1.51 a share.

Analysts polled by FactSet expected earnings of $1.36 a share and adjusted earnings of $1.39 a share.

Fee income was $2.26 billion, down 2.5% from a year earlier. Net interest income totaled $644 million, down 4.2% from a year earlier.

Total revenue of $2.9 billion was slightly ahead of the $2.86 billion analysts were expecting.

Total assets under custody and/or administration fell 3.2% to $32.9 trillion. Assets under management totaled $2.95 trillion, up 5.1%.

Expenses increased 4.3% to $2.18 billion. The company said it has achieved $275 million in total savings from the cost-cutting program it launched in January. That program is expected to hit $400 million in total cost cuts in 2019.

Shares of State Street rose 1.3% in premarket trading.

Write to Robert Barba at Robert.Barba@wsj.com

Corrections & Amplifications

This was corrected at 9:28 a.m. ET because the original version incorrectly listed that State Street had total assets under custody and/or administration of $32.9 billion and assets under management of $2.95 billion at the end of the third quarter. The correct figures are $32.9 trillion and $2.95 trillion, respectively.

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Financials (USD)
Sales 2019 11 627 M
EBIT 2019 2 893 M
Net income 2019 2 107 M
Debt 2019 17 710 M
Yield 2019 2,70%
P/E ratio 2019 13,1x
P/E ratio 2020 11,7x
EV / Sales2019 3,82x
EV / Sales2020 3,80x
Capitalization 26 686 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 69,57  $
Last Close Price 73,39  $
Spread / Highest target 14,5%
Spread / Average Target -5,21%
Spread / Lowest Target -16,9%
EPS Revisions
Managers
NameTitle
Ronald Philip O'Hanley President, Chief Executive Officer & Director
Joseph L. Hooley Chairman
Louis D. Maiuri Chief Operating Officer & Executive Vice President
Eric W. Aboaf Chief Financial Officer & Executive Vice President
Richard P. Sergel Independent Director
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