State Street Prepares to Report Q3 Earnings with Analysts Expecting 13.9% Revenue Growth
State Street Corporation (NYSE:STT) is scheduled to report its third-quarter earnings on Wednesday before the market opens. Wall Street expects revenue to grow 13.9% year over year, an acceleration from the 8.8% revenue growth recorded in the third quarter of last year. Analysts covering the financial services firm have largely maintained their forecasts over the past 30 days.
The upcoming report follows a strong second quarter, when State Street generated $4.05 billion in revenue, up 16.7% year over year. In Q2, the company topped market expectations for revenue, earnings per share, and assets under management. However, capital markets stocks have faced broader headwinds recently, declining 4.9% on average over the past month, while State Street shares have fallen 7%.
Investors will be watching to see if State Street can maintain its momentum alongside industry peers. Capital markets competitors have shown mixed Q3 results, with Jefferies posting 8.5% revenue growth while FactSet reported 6.3% growth. State Street currently carries an average analyst price target of $199.03, compared to its recent trading price near $175.
Key points
- State Street will report third-quarter financial results on Wednesday before market open.
- Wall Street forecasts Q3 revenue growth of 13.9% year over year.
- The company generated $4.05 billion in Q2 revenue, representing 16.7% annual growth.
- State Street stock has dropped 7% over the past month, while analysts hold an average target of $199.03.
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When does State Street report Q3 earnings?
State Street will report its third-quarter earnings on Wednesday before the market opens.
What is the projected revenue growth for State Street in Q3?
Analysts expect State Street's third-quarter revenue to increase by 13.9% year over year.
What is the average price target for State Street stock?
Wall Street analysts have an average price target of $199.03 for State Street.