A New 52-Week High for State Street - Analyst Blog
May 14 2013 - 4:40AM
Zacks
Shares of State Street Corporation (STT) hit a
new 52-week high, touching $61.82 in the first half of the trading
session on May 13. The closing price of this well-known global bank
reflected a solid year-to-date return of 28.2%. The trading volume
for the session was 2.5 million shares.
Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
still has plenty of upside left, given its strong estimate
revisions over the last 30 days and the expected year-over-year
earnings growth of 13.1% for 2013.
Growth Drivers
Impressive first-quarter 2013 results (including an earnings
surprise of 3.2% as well as strong capital and profitability
ratios) and solid capital deployment activities were the primary
growth drivers for State Street.
On Apr 19, State Street reported first-quarter 2013 earnings of 96
cents per share, surpassing the Zacks Consensus Estimate of 93
cents and the prior-quarter earnings of 84 cents.
Better-than-expected results came on the back of an increase in fee
income, partially offset by higher operating expenses and a
decrease in net interest income.
As of Mar 31, 2013, total assets under custody and administration
were $25.42 trillion, up nearly 9.5% year over year and 4.3%
sequentially. Moreover, State Street’s total assets under
management came in at $2.18 billion, up 9.9% from the last-year
quarter and 4.3% from the prior quarter.
Estimate Revisions Show Strength
For State Street, over the last 30 days, 8 of the 16 estimates for
2013 have been revised upward, raising the Zacks Consensus Estimate
by 1% to $4.47 per share. For 2014, 4 of the 16 estimates moved
north, helping the Zacks Consensus Estimate inch up 1% to $5.09 per
share.
Better performing banks include Fifth Third
Bancorp (FITB), JPMorgan Chase & Co.
(JPM) and Zions Bancorp. (ZION), all of which
carry a Zacks Rank #2 (Buy).
FIFTH THIRD BK (FITB): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
STATE ST CORP (STT): Free Stock Analysis Report
ZIONS BANCORP (ZION): Free Stock Analysis Report
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