Why Is State Street Stock Trading Higher Friday?
Portfolio Pulse from Anusuya Lahiri
State Street Corporation (NYSE:STT) reported Q4 revenues of $3.04 billion, surpassing consensus estimates of $2.95 billion, with EPS of $2.04 beating estimates of $1.83. Despite a 4% Y/Y revenue decline and a 14% drop in Net interest income, the company saw flat fee revenues and a 19% increase in AUM. Expenses rose 25% Y/Y due to the FDIC special assessment. The CET1 ratio fell by 2.0% Y/Y. State Street announced a new $5 billion share repurchase authorization. Shares rose 4.29% in premarket trading.
January 19, 2024 | 1:44 pm
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POSITIVE IMPACT
State Street's Q4 earnings beat estimates with higher revenues and EPS, increased AUM, and a new $5 billion share repurchase plan, leading to a premarket stock price rise.
The positive earnings report and the announcement of a substantial share repurchase program are likely to be viewed favorably by investors, leading to a short-term positive impact on the stock price. The premarket price action already reflects investor optimism.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100