Wall Street analysts expect State Street Corp (NYSE:STT) to report $3.08 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for State Street’s earnings. The lowest sales estimate is $3.04 billion and the highest is $3.14 billion. State Street posted sales of $2.81 billion in the same quarter last year, which would indicate a positive year over year growth rate of 9.6%. The firm is expected to report its next earnings results on Wednesday, July 25th.
According to Zacks, analysts expect that State Street will report full year sales of $12.27 billion for the current year, with estimates ranging from $12.15 billion to $12.41 billion. For the next year, analysts forecast that the firm will report sales of $12.75 billion per share, with estimates ranging from $12.55 billion to $13.07 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that cover State Street.
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State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 20th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.04. State Street had a return on equity of 14.23% and a net margin of 19.07%. The business had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3 billion. During the same period in the prior year, the firm earned $1.21 EPS. The company’s revenue for the quarter was up 13.2% on a year-over-year basis.
Several research firms recently weighed in on STT. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating in a report on Monday, May 28th. Keefe, Bruyette & Woods set a $115.00 price target on State Street and gave the company a “buy” rating in a report on Wednesday, April 4th. Deutsche Bank upgraded State Street from a “hold” rating to a “buy” rating and set a $108.00 price target on the stock in a report on Monday, April 23rd. Sandler O’Neill restated a “hold” rating and set a $104.00 price target on shares of State Street in a report on Monday, April 9th. Finally, ValuEngine lowered State Street from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. State Street currently has a consensus rating of “Buy” and a consensus price target of $111.29.
In other State Street news, insider Jeff D. Conway sold 288 shares of the stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total value of $29,024.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Karen C. Keenan sold 851 shares of the stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total value of $85,763.78. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of State Street by 0.4% during the 1st quarter. BlackRock Inc. now owns 21,649,269 shares of the asset manager’s stock worth $2,159,084,000 after buying an additional 84,710 shares in the last quarter. Artisan Partners Limited Partnership grew its position in shares of State Street by 5.8% during the 1st quarter. Artisan Partners Limited Partnership now owns 5,338,389 shares of the asset manager’s stock worth $532,398,000 after buying an additional 294,789 shares in the last quarter. Geode Capital Management LLC grew its position in shares of State Street by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,678,627 shares of the asset manager’s stock worth $358,262,000 after buying an additional 94,428 shares in the last quarter. Fayez Sarofim & Co grew its position in shares of State Street by 8.5% during the 1st quarter. Fayez Sarofim & Co now owns 3,045,545 shares of the asset manager’s stock worth $303,732,000 after buying an additional 239,843 shares in the last quarter. Finally, Boston Partners grew its position in shares of State Street by 3.4% during the 1st quarter. Boston Partners now owns 2,791,369 shares of the asset manager’s stock worth $278,384,000 after buying an additional 92,692 shares in the last quarter. 87.97% of the stock is currently owned by institutional investors and hedge funds.
NYSE:STT traded up $0.28 during midday trading on Friday, hitting $95.88. 100,318 shares of the company traded hands, compared to its average volume of 1,694,726. State Street has a 12-month low of $87.77 and a 12-month high of $114.27. The firm has a market capitalization of $35.05 billion, a PE ratio of 16.04, a PEG ratio of 1.23 and a beta of 1.27. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.56 and a current ratio of 0.56.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 17th. Shareholders of record on Monday, July 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, June 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.75%. State Street’s payout ratio is 28.19%.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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