Last $71.88 USD
Change Today +2.94 / 4.26%
Volume 3.9M
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As of 8:04 PM 10/24/14 All times are local (Market data is delayed by at least 15 minutes).

state street corp (STT) Key Developments

State Street Corporation Announces Consolidated Earnings Results for the Third Quarter and Year to Date Ended September 30, 2014; Provides Earnings Guidance for Fourth Quarter and Full Year 2014

State Street Corporation announced consolidated earnings results for the third quarter ended September 30, 2014. For the quarter, the company's earnings per common share (EPS) of $1.26 decreased from $1.38 in the second quarter of 2014 and increased from $1.17 in the third quarter of 2013. Net income available to common shareholders of $542 million decreased from $602 million in the second quarter of 2014 and increased from $531 million in the third quarter of 2013. Revenue of $2.58 billion decreased from $2.60 billion in the second quarter of 2014 and increased from $2.43 billion in the third quarter of 2013. Net interest revenue of $570 million increased from $561 million in the second qu arter of 2014 and from $546 million in the third quarter of 2013. Return on average common shareholders' equity (ROE) of 10.6% decreased from 11.9% in the second quarter of 2014 and from 10.8% in the third quarter of 2013. On non-GAAP basis, the company reported EPS of $1.35 decreased from $1.39 in the second quarter of 2014 and increased from $1.19 in the third quarter of 2013. Non-GAAP net income available to common shareholders of $581 million decreased from $603 million in the second quarter of 2014 and increased from $537 million in the third quarter of 2013. Non-GAAP revenue of $2.68 billion increased slightly from the second quarter of 2014 and increased from $2.47 billion in the third quarter of 2013. Non-GAAP net interest revenue of $580 million increased from $575 million in the second quarter of 2014 and from $553 million in the third quarter of 2013. Operating-basis net interest revenue excluded discount accretion on former conduit securities of $33 million, $28 million and $28 million for the third quarter of 2014, the second quarter of 2014, and the third quarter of 2013, respectively. All quarters are presented on a fully taxable-equivalent basis. Non-GAAP ROE of 11.4% decreased from 11.9% in the second quarter of 2014 and increased from 11.0% in the third quarter of 2013. Total operating-basis revenue increased slightly from the second quarter of 2014 despite the second quarter benefit from seasonality within securities finance. The decrease in EPS from second quarter primarily reflects lower revenue related to securities finance seasonality and a higher tax rate this quarter, partially offset by the benefit of share repurchase program. Compared to the third quarter of 2013, EPS increased primarily due to strong growth in core servicing and management fees as well as the benefit of share repurchase program. For the year-to-date 2014, the company reported EPS, which has increased approximately 10% relative to 2013. For year-to-date 2014 total revenue increased approximately 5% despite the downward pressure on net interest revenue from low market interest rates. The company expects fourth quarter net interest revenue to decrease relative to the third quarter 2014 results. The company, currently expects fourth quarter 2014 operating basis effective tax rate of approximately 32%. For the year 2014, based upon current assessment of market conditions, the company expects operating basis net interest revenue for 2014 to be near the high end of the $2.25 billion to $2.28 billion range. This estimate reflects a decline in net interest revenue relative to the third quarter of 2014 actual result due to the impact of low market interest rates and the impact of increasing HQLA to comply with the liquidity requirements. The company, currently expect the full year 2014 operating basis effective tax rate to be in the range of 30% to 31%.

State Street Corporation Declares Quarterly Dividend on Cumulative Perpetual Preferred Stock Series C and Series D, Payable on December 15, 2014

State Street Corporation declared a quarterly cash dividend on each of its outstanding series of non-cumulative perpetual preferred stock. The cash dividend is in the amount of $1,312.50 per share of Series C preferred stock (resulting in a distribution of approximately $0.3281 per depositary share) and is payable on December 15, 2014 to the holders of record of the Series C preferred stock at the close of business on December 1, 2014. The cash dividend is in the amount of $1,475.00 per share of Series D preferred stock (resulting in a distribution of approximately $0.3687 per depositary share) and is payable on December 15, 2014 to the holders of record of the Series D preferred stock at the close of business on December 1, 2014.

State Street Corporation to Report Q3, 2014 Results on Oct 24, 2014

State Street Corporation announced that they will report Q3, 2014 results at 9:30 AM, Eastern Daylight on Oct 24, 2014

State Street Corporation, Q3 2014 Earnings Call, Oct 24, 2014

State Street Corporation, Q3 2014 Earnings Call, Oct 24, 2014

State Street Corporation Presents at ECBC Covered Bond Congress 2014, Sep-25-2014 11:35 AM

State Street Corporation Presents at ECBC Covered Bond Congress 2014, Sep-25-2014 11:35 AM. Venue: The Austria Center, Vienna, Austria. Speakers: Kristin Dahlberg.

 

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