Analysts expect that State Street Corp (NYSE:STT) will announce sales of $3.02 billion for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for State Street’s earnings, with estimates ranging from $3.00 billion to $3.06 billion. State Street posted sales of $2.78 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 8.6%. The company is scheduled to issue its next earnings results on Wednesday, April 25th.
On average, analysts expect that State Street will report full-year sales of $3.02 billion for the current fiscal year, with estimates ranging from $12.18 billion to $12.49 billion. For the next financial year, analysts forecast that the company will report sales of $12.78 billion per share, with estimates ranging from $12.63 billion to $12.92 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow State Street.
State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.10). The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.98 billion. State Street had a return on equity of 13.41% and a net margin of 17.94%. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.48 earnings per share.
A number of equities research analysts recently issued reports on STT shares. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Wednesday, January 10th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a report on Tuesday, December 12th. Zacks Investment Research upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Tuesday, November 14th. Buckingham Research upped their price objective on shares of State Street from $124.00 to $131.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Finally, ValuEngine cut shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $106.69.
In other news, insider Jeff D. Conway sold 747 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $103.07, for a total transaction of $76,993.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph L. Hooley sold 33,568 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $102.65, for a total transaction of $3,445,755.20. The disclosure for this sale can be found here. Insiders have sold 37,810 shares of company stock valued at $3,882,978 in the last ninety days. 0.71% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Livingston Group Asset Management CO operating as Southport Capital Management raised its position in shares of State Street by 13.6% during the fourth quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,534 shares of the asset manager’s stock valued at $443,000 after buying an additional 542 shares during the last quarter. Puzo Michael J raised its position in State Street by 7.8% in the fourth quarter. Puzo Michael J now owns 7,599 shares of the asset manager’s stock worth $743,000 after purchasing an additional 550 shares in the last quarter. Covenant Asset Management LLC raised its position in State Street by 3.8% in the fourth quarter. Covenant Asset Management LLC now owns 15,382 shares of the asset manager’s stock worth $1,501,000 after purchasing an additional 564 shares in the last quarter. Ledyard National Bank raised its position in State Street by 12.1% in the fourth quarter. Ledyard National Bank now owns 5,703 shares of the asset manager’s stock worth $557,000 after purchasing an additional 615 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its position in State Street by 1.8% in the third quarter. Evergreen Capital Management LLC now owns 34,775 shares of the asset manager’s stock worth $3,322,000 after purchasing an additional 629 shares in the last quarter. 87.56% of the stock is owned by institutional investors and hedge funds.
Shares of State Street (NYSE:STT) traded up $0.35 during trading hours on Friday, reaching $107.17. 3,261,434 shares of the company were exchanged, compared to its average volume of 1,776,429. The company has a market capitalization of $40,090.00, a PE ratio of 18.16, a PEG ratio of 1.70 and a beta of 1.31. State Street has a 12-month low of $75.27 and a 12-month high of $114.27. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.49 and a quick ratio of 0.48.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Monday, April 2nd will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Thursday, March 29th. State Street’s dividend payout ratio is currently 28.47%.
State Street Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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