Key Insights - State Street reported first-quarter revenue of $3.14 billion, a 1.2% increase, exceeding forecasts [1] - Fee revenue rose by 3.7% to $2.42 billion, contributing to the overall revenue growth [1] - Earnings per share (EPS) was $1.37, slightly below expectations [1] Asset Management Performance - Assets under custody/administration (AUC/A) increased by 16.7% to $43.9 trillion, setting a record high [1] - Assets under management (AUM) rose by 19.8% to $4.3 trillion, also a record high [1] Fee Revenue Breakdown - Fee revenues increased for servicing (+1%), management (+12%), and software and processing (+25%) [2] - Fee revenues declined for currency trading (-3%) and securities finance (-12%) [2] Management Commentary - CEO Ron O'Hanley noted that fee revenue growth was driven by strong performance in Global Advisors and Front office solutions, offsetting lower trading revenues [2] - The company aims to continue focusing on positive fee operating leverage through fee revenue growth [2] Stock Performance - State Street shares rose by 2.4% to $75.64 during intraday trading but are nearly 3% lower year-to-date in 2024 [2]

Core Insights - State Street Corporation (STT) reported $3.14 billion in revenue for Q1 2024, a year-over-year increase of 1.2% [1] - The EPS for the same period was $1.69, compared to $1.52 a year ago, reflecting a significant increase [1] - The revenue exceeded the Zacks Consensus Estimate by 2.54%, while the EPS surprised by 14.19% [1] Financial Performance Metrics - Net interest margin (FTE) was 1.1%, slightly below the estimated 1.2% [2] - Average balance of total interest-earning assets reached $254.33 billion, surpassing the estimated $232.96 billion [2] - Basel III Advanced Approaches - Tier 1 Leverage Ratio stood at 5.4%, matching the average estimate [2] - Basel III Standardized Approach - Tier 1 capital ratio was 13.8%, exceeding the estimated 12.8% [2] - Assets under Management (AUM) totaled $4,336 billion, above the estimated $4,267.34 billion [2] - Basel III Standardized Approach - Total capital ratio was 14.9%, higher than the estimated 13.9% [2] - Assets under Custody and/or Administration (AUC/A) reached $43,912 billion, significantly above the estimated $36,298.53 billion [2] - Net Interest Income was $716 million, exceeding the estimated $667.49 million [2] - Total fee revenue was $2.42 billion, slightly below the estimated $2.45 billion [2] - Net Interest Income on a fully taxable-equivalent basis was $717 million, above the estimated $668.54 million [2] - Software and processing fees were $207 million, slightly above the estimated $205.62 million [2] - Other fee revenue reached $50 million, exceeding the estimated $37.81 million [2] Stock Performance - Shares of State Street have returned +2.9% over the past month, outperforming the Zacks S&P 500 composite's +1.6% change [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [2]

Financial Performance - Total revenue reached $3.138 billion, a 1% increase YoY and a 3% increase QoQ[20] - Total expenses were $2.513 billion, up 6% YoY but down 11% QoQ[20] - Net income was $463 million, with diluted earnings per share at $1.37[20] - Management fees increased by 12% YoY and 6% QoQ, reaching $510 million[20, 29] Business Segment Highlights - Servicing fees totaled $1.228 billion, up 1% YoY and QoQ[20, 26] - Foreign exchange trading services generated $331 million in revenue, up 8% QoQ but down 3% YoY[20, 32] - Securities finance revenue was $96 million, down 12% YoY and 1% QoQ[20, 32] - Front office software and data revenue increased 32% YoY but decreased 20% QoQ, reaching $144 million[20, 35] Assets and Capital - Assets under custody and/or administration (AUC/A) reached $43.9 trillion, a 17% increase YoY and a 5% increase QoQ[23] - Assets under management (AUM) totaled $4.336 trillion, up 20% YoY and 5% QoQ[23] - The standardized CET1 ratio was 11.1%, a decrease of 0.5%pts QoQ[51]

分组1 - State Street Corporation (STT) reported quarterly earnings of $1.69 per share, exceeding the Zacks Consensus Estimate of $1.48 per share, and up from $1.52 per share a year ago, representing an earnings surprise of 14.19% [1] - The company posted revenues of $3.14 billion for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 2.54%, and compared to year-ago revenues of $3.1 billion [1] - Over the last four quarters, State Street has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [1] 分组2 - State Street shares have declined approximately 4.6% since the beginning of the year, while the S&P 500 has gained 9% [2] - The current consensus EPS estimate for the upcoming quarter is $2.07 on revenues of $3.12 billion, and for the current fiscal year, it is $7.87 on revenues of $12.44 billion [4] - The Zacks Industry Rank for Banks - Major Regional is currently in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [4]

Financial Performance - Total revenue for 2023 was $11,945 million, a decrease of 1.7% compared to 2022[4] - Net income available to common shareholders for 2023 was $1,821 million, down 31.6% from $2,660 million in 2022[4] - Total revenue for Q1 2024 was $2,587 million, a decrease of 0.3% year-over-year but an increase of 3.6% compared to Q4 2023[35] - Net income for Q1 2024 was $463 million, down 15.7% from Q1 2023, while net income available to common shareholders was $418 million, a decrease of 20.4% year-over-year[44] - Diluted earnings per share on a GAAP basis for Q1 2024 were $1.37, a decline of 9.9% compared to Q1 2023[44] Revenue and Fee Income - Total fee revenue for 1Q24 was $2,422 million, an increase of 3.7% year-over-year[7] - Total fee revenue increased to $1,876 million in Q1 2024, reflecting a 2.3% increase year-over-year and a 2.7% increase from Q4 2023[35] - Management fees for 1Q24 were $510 million, an increase of 11.6% compared to 1Q23[7] - Total fee revenue for 1Q24 was $2,422 million, representing a 3.7% increase compared to 1Q23 and a 2.4% increase from 4Q23[42] Assets and Liabilities - Assets under custody and/or administration increased to $41.81 trillion in 2023, up from $36.74 trillion in 2022[4] - Total assets increased to $298.57 billion in Q1 2024, reflecting a 7.6% increase from the previous quarter[9] - Total assets increased to $338,003 million as of March 31, 2024, representing a 16.2% increase year-over-year[12] - Total liabilities grew to $313,570 million, a 17.9% increase compared to the same period last year[12] - Total deposits rose to $218.89 billion, marking a 4.1% increase compared to Q4 2023[9] Capital and Equity - The company’s Tier 1 capital ratio was 13.4% for 2023, down from 15.4% in 2022[4] - Shareholders' equity totaled $24,433 million, a 2.7% increase from the previous quarter[12] - Total shareholders' equity increased from $23,621 million in 3Q23 to $24,433 million in 1Q24, reflecting a growth of 3.4%[52] - Common equity tier 1 capital ratio decreased from 12.2% in 3Q23 to 11.7% in 1Q24[54] Income and Expenses - Total expenses for 1Q24 were $2,513 million, a decrease of 10.9% from 4Q23[7] - Total expenses for Q1 2024 were $1,963 million, a decrease of 0.8% year-over-year but an increase of 9.8% from Q4 2023[35] - The company reported a total income before income tax expense of $597 million in Q1 2024, reflecting a decrease of 13.6% from Q4 2023[35] - The allowance for credit losses ending balance was $146 million in Q1 2024, down 9.9% year-over-year and 2.7% from Q4 2023[37] Investment and Securities - The total investment securities amounted to $101.5 billion, with 82% classified as HQLA[20] - The held-to-maturity portfolio was valued at $52.9 billion, with a significant portion in government and agency securities[23] - The fair value of mortgage-backed securities in the available-for-sale category was $5.8 billion, with a 99% rating[20] - The company reported a loss of $294 million on the sale of investment securities related to repositioning efforts[46] Market and Growth - The company is focusing on enhancing its investment management services and expanding its market presence through strategic initiatives[39] - Total Assets Under Management increased to $4.336 billion in 1Q24, reflecting a 19.8% growth year-over-year[28] - North America saw total flows of $212.2 billion in 1Q24, with ETFs contributing $265.2 billion, a significant increase[32]

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State Street (STT) is slated to report first-quarter 2024 results on Apr 12 before the opening bell. The company’s quarterly revenues are expected to have decreased on a year-over-year basis, while earnings are likely to have been stable.In the last reported quarter, STT’s earnings beat the Zacks Consensus Estimate. Results were largely driven by stable fee revenues. However, higher expenses, a decline in net interest revenues (NIR) and a rise in provisions hurt results to some extent.State Street has a dec ...

The upcoming report from State Street Corporation (STT) is expected to reveal quarterly earnings of $1.52 per share, indicating no change from the year-ago quarter compared to the year-ago period. Analysts forecast revenues of $3.06 billion, representing a decrease of 1.4% year over year.The consensus EPS estimate for the quarter has been revised 0.9% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates dur ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? State Street Corporation (STT) , which belongs to the Zacks Banks - Major Regional industry, could be a great candidate to consider.This company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 10.87%.For the most recent quar ...

State Street Corporation (STT) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on ...