State Street Q3: EPS Beat, Revenue Misses Consensus On Portfolio Restructuring Losses & More
Portfolio Pulse from Lekha Gupta
State Street Corporation (NYSE:STT) reported Q3 revenues of $2.69 billion, down 9% Y/Y, missing the consensus estimate of $2.92 billion. The revenues were impacted by a $294 million loss on sale related to a previously disclosed investment portfolio repositioning. However, EPS of $1.93 beat the consensus estimate of $1.81. The company also registered new servicing wins of $91 million in Q3 and bought back $1 billion of common shares.
October 18, 2023 | 1:47 pm
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State Street's Q3 revenues missed estimates due to a loss on portfolio repositioning, but EPS beat consensus. The company also registered new servicing wins and bought back $1 billion of common shares.
Despite the revenue miss, State Street's EPS beat and the new servicing wins indicate a positive outlook. The buyback of common shares also shows confidence in the company's stock, which could lead to a short-term positive impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100