State Street Corp Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component State Street Corp (NYSE:STT) will unveil its latest earnings on Tuesday, October 18, 2011. State Street 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 88 cents per share, a rise of 2.3% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from 94 cents. Between one and three months ago, the average estimate moved down. It also has dropped from 90 cents during the last month. Analysts are projecting profit to rise by 6.5% versus last year to $3.63.

Past Earnings Performance: The company has beaten estimates the last four quarters and is coming off a quarter where it topped forecasts by 5 cents, reporting net income of $1.02 per share against a mean estimate of profit of 97 cents per share.

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Wall St. Revenue Expectations: Analysts are projecting a rise of 10.7% in revenue from the year-earlier quarter to $2.38 billion.

Analyst Ratings: Analysts are bullish on this stock with 14 analysts rating it as a buy, none rating it as a sell and five rating it as a hold.

A Look Back: In the second quarter, profit rose 18.8% to $513 million ($1 a share) from $432 million (87 cents a share) the year earlier, exceeding analyst expectations. Revenue fell 34.4% to $2.68 billion from $4.09 billion.

Key Stats:

The increase in profit in the second quarter broke a streak of two consecutive quarters of year-over-year profit decreases. The figure dropped 4.8% in the first quarter and 83.3% in the fourth quarter of the last fiscal year.

Revenue has fallen in the past two quarters. In the first quarter, the figure fell 7.3%.

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 19, 2011 to October 12, 2011, the stock price had fallen $7.99 (-19.1%) from $41.79 to $33.80. The stock price saw one of its best stretches over the last year between October 28, 2010 and November 5, 2010 when shares rose for seven-straight days, rising 10.6% (+$4.30) over that span. It saw one of its worst periods between September 15, 2011 and September 23, 2011 when shares fell for seven-straight days, falling 10.2% (-$3.50) over that span. Shares are down $11.91 (-26.1%) year to date.

(Source: Xignite Financials)

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