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MarketScreener Homepage  >  Equities  >  Nyse  >  State Street Corporation    STT

STATE STREET CORPORATION

(STT)
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Delayed Quote. Delayed Nyse - 08/05 04:10:00 pm
66.74 USD   +2.82%
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State Street : Reports 24% Drop in Earnings

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10/18/2019 | 08:14am EDT

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.

Stocks mentioned in the article
ChangeLast1st jan.
LINE CORPORATION -0.19% 5380 End-of-day quote.0.56%
STATE STREET CORPORATION 2.82% 66.74 Delayed Quote.-17.94%
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Financials (USD)
Sales 2020 11 600 M - -
Net income 2020 2 240 M - -
Net Debt 2020 22 485 M - -
P/E ratio 2020 10,4x
Yield 2020 3,20%
Capitalization 22 873 M 22 873 M -
EV / Sales 2020 3,91x
EV / Sales 2021 4,03x
Nbr of Employees 39 068
Free-Float 69,6%
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Technical analysis trends STATE STREET CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 70,61 $
Last Close Price 64,91 $
Spread / Highest target 27,9%
Spread / Average Target 8,77%
Spread / Lowest Target -7,56%
EPS Revisions
Managers
NameTitle
Ronald Philip O'Hanley Chairman, President & Chief Executive Officer
Louis D. Maiuri Chief Operating Officer & Executive Vice President
Eric W. Aboaf Chief Financial Officer & Executive Vice President
Ali El Abboud Chief Technology Officer
Brian Franz Chief Information Officer & Executive VP
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