State Street Q2: Topline Miss, 18% Net Interest Income Growth, EPS Beat & More
Portfolio Pulse from Nabaparna Bhattacharya
State Street Corporation (NYSE:STT) reported Q2 revenues of $3.11 billion, up 5% Y/Y, missing the consensus estimate of $3.14 billion. EPS of $2.17 beat the consensus estimate of $2.10. Net interest income rose 18% Y/Y to $691 million. The company also announced plans to increase its common stock dividend by 10% and continue its common share repurchase authorization of up to $4.5 billion during 2023. STT shares are trading lower by 3.90% at $74.44.
July 14, 2023 | 1:52 pm
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NEGATIVE IMPACT
State Street's Q2 revenues missed estimates but EPS beat expectations. The company plans to increase its dividend and continue share repurchases.
State Street's Q2 revenues missed estimates, which could negatively impact investor sentiment and put downward pressure on the stock. However, the EPS beat and plans for dividend increase and share repurchases could provide some positive sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100