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Earnings Preview: What to Expect From State Street Corporation's Report
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With a market cap of $28.8 billion, Boston, Massachusetts-based State Street Corporation (STT) is a leading financial holding company serving institutional investors worldwide. The company provides various investment servicing, investment management, and data and analytics solutions through its principal banking subsidiary, State Street Bank. STT is expected to unveil its fiscal Q4 earnings results before the market opens on Friday, Jan. 17.
Before the event, analysts anticipated the financial services firm to report a profit of $2.34 per share, up 14.7% from $2.04 per share in the same quarter last year. The company has consistently surpassed Wall Street's earnings projections over the previous four quarters. In the most recent quarter, STT exceeded the consensus estimate by an 8.7% margin.
For fiscal 2024, analysts expect STT to report EPS of $8.42, up 9.9% from $7.66 in fiscal 2023. Looking forward to fiscal 2025, EPS is expected to grow 11.8% year-over-year to $9.41.
Over the past 52 weeks, STT's shares have risen 26.7%, outperforming the broader S&P 500 Index's ($SPX) 23.3% gain. However, the stock has lagged behind the Financial Select Sector SPDR Fund's (XLF) 28.5% increase over the same period.
Shares of State Street Corporation rose marginally on Oct. 15 due to its strong Q3 2024 earnings report, which included adjusted EPS of $2.26 beat the consensus and marked an 80.8% year-over-year increase, while revenue of $3.3 billion topped the estimate, driven by broad-based fee growth and higher net interest income. Assets under custody or administration surged 17% year-over-year to $46.8 trillion and the company returned $674 million to shareholders through buybacks and dividends. However, the modest rise in share price reflected concerns over higher operating expenses and credit loss provisions, which tempered enthusiasm.
Analysts' consensus rating on State Street Corporation stock is moderately optimistic, with a "Moderate Buy" overall rating. Out of 16 analysts covering the stock, opinions include eight "Strong Buys," one "Moderate Buy," five "Holds," one "Moderate Sell," and one "Strong Sell." This configuration is slightly more bullish than three months ago when the stock had seven “Strong Buy” ratings.
As of writing, STT is trading below the average analyst price target of $104.60.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.