S&P 500 (NYSE:SPY) component State Street Corp (NYSE:STT) will unveil its latest earnings on Tuesday, July 19, 2011. State Street Corp. provides a range of investment management strategies, investment management advisory services and other financial services.
State Street Corp Earnings Preview Cheat Sheet
Wall St. Earnings Expectations: The average estimate of analysts is for profit of 97 cents per share, a rise of 4.3% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from 94 cents. For the year, analysts are projecting net income of $3.78 per share, a rise of 10.9% from last year.
Past Earnings Performance: The company’s quarterly results have come in above estimates for the last three quarters. Last quarter, the company booked profit of 88 cents per share versus a mean estimate of net income of 85 cents per share.
Wall St. Revenue Expectations: On average, analysts predict $2.39 billion in revenue this quarter, a rise of 10.6% from the year ago quarter. Analysts are forecasting total revenue of $9.53 billion for the year, a rise of 9.4% from last year’s revenue of $8.71 billion.
Analyst Ratings: Analysts are bullish on this stock with 15 analysts rating it as a buy, none rating it as a sell and three rating it as a hold.
A year-over-year revenue decrease in the first quarter snaps a streak of three consecutive quarters of revenue increases. Revenue fell 7.3% in the first quarter and rose 6.9%in the fourth quarter of the last fiscal year, 3.3% in the third quarter of the last fiscal year and 76.6% in the second quarter of the last fiscal year.
Competitors to Watch: The Bank of New York Mellon Corp. (NYSE:BK), Northern Trust Corporation (NASDAQ:NTRS), Citigroup Inc. (NYSE:C), SEI Investments Company (NASDAQ:SEIC), JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Goldman Sachs Group, Inc. (NYSE:GS), Barclays PLC (NYSE:BCS), FXCM Inc (NYSE:FXCM), and Morgan Stanley (NYSE:MS).
Stock Price Performance: During July 7, 2011 to July 13, 2011, the stock price had dropped $2.20 (-4.7%) from $46.84 to $44.64. The stock price saw one of its best stretches over the last year between August 9, 2010, and August 16, 2010, when shares rose for six-straight days, rising 6.7% (+$2.46) over that span. Shares have been on a negative streak of late, closing down every day between July 12, 2011 and July 13, 2011. Shares are down $1.32 (-2.9%) year to date.
(Source: Xignite Financials)
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