|Bid||82.10 x 1300|
|Ask||81.87 x 800|
|Day's Range||81.71 - 85.89|
|52 Week Range||48.62 - 85.89|
|Beta (5Y Monthly)||1.58|
|PE Ratio (TTM)||14.36|
|Earnings Date||Jan 16, 2020|
|Forward Dividend & Yield||2.08 (2.52%)|
|Ex-Dividend Date||Dec 29, 2019|
|1y Target Est||89.53|
BARRON'S TAKE (STT) stock is surging this morning after beating Wall Street estimates. Shares of State Street (ticker: STT) are up more than 4% Friday morning. The stock is up 19% from Jan. 17, 2019 through yesterday’s close, compared with the S&P 500’s 29% rise, including dividends, over the same period.
The company had initially expected to lower its headcount in Boston and other high-cost locations by 1,500 employees in the face of difficulties growing revenue.
Shares of State Street Corp. rallied 3.3% toward a 15-month high in premarket trading Friday, after the trust bank reported fourth-quarter profit and revenue that rose above expectations, while expenses fell. Net income increased to $704 million, or $1.73 a share, from $437 million, or $1.03 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.70. Total revenue grew 0.8% to $3.05 billion, above the FactSet consensus of $2.92 billion, as net interest income fell 8.8% to $636 million but beat expectations of $618.3 million. Fee revenue rose 2%, as higher servicing, management and software and processing fees offset lower currency trading services and securities finance revenue. Expenses declined 8.8% to $2.27 billion, as headcount declined 3% due primarily to productivity savings. The stock, which is on track to open at the highest level seen during regular-session hours since October 2018, has soared 35.9% over the past three months through Thursday, while the SPDR Financial Select Sector ETF has gained 10.3% and the S&P 500 has advanced 10.6%.
State Street Corporation (NYSE: STT) reported its fourth-quarter and full-year 2019 financial results today. The news release, presentation, and additional financial information can be accessed on State Street’s Investor Relations website at http://investors.statestreet.com. A conference call to discuss the firm’s financial results, outlook and related matters will be held at 10:00 a.m. EST, Friday, January 17, 2020. The call will be open to the public.
Things are finally looking up for Boston-based State Street. A set of better-than-expected fourth-quarter results sent the trust bank’s shares 5 per cent higher on Friday. State Street is one of the country’s largest asset managers alongside BlackRock, Vanguard and Charles Schwab, with $3.1tn in assets under management.
US bank State Street has held informal discussions aimed at finding a buyer for currencies trading platform Currenex, multiple people familiar with discussions said, in a move that could leave the system in the hands of an exchange seeking to expand in the $6.6tn-a-day market. Stock exchange operators are prowling for deals in the fragmented market for currency trading, which has long been dominated by systems such as Currenex that pool exchange rates from disparate banks in an effort to give customers access to the best available prices. Currenex, founded in New York in 1999, was one of the first so-called electronic communications networks where banks could compete for business in this way.
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Major U.S. banks likely had a decent Q4 on upswing in client activities, aiding trading revenues, and upbeat underwriting business, partly muted by soft loan growth and interest-rate declines.
Citigroup's (C) consumer banking business' Q4 results likely to be impressive. Further, fixed income market revenues will likely reflect growth on a sequential basis.