Equities research analysts expect State Street Co. (NYSE:STT) to report $3.08 billion in sales for the current quarter, Zacks reports. Four analysts have provided estimates for State Street’s earnings, with the lowest sales estimate coming in at $3.06 billion and the highest estimate coming in at $3.10 billion. State Street posted sales of $2.81 billion in the same quarter last year, which suggests a positive year over year growth rate of 9.6%. The business is scheduled to report its next quarterly earnings report on Friday, April 20th.
On average, analysts expect that State Street will report full year sales of $12.23 billion for the current year, with estimates ranging from $12.14 billion to $12.31 billion. For the next year, analysts anticipate that the business will report sales of $12.70 billion per share, with estimates ranging from $12.54 billion to $12.96 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow State Street.
State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. State Street had a net margin of 17.94% and a return on equity of 13.41%. The company had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3 billion. During the same quarter in the previous year, the business earned $1.21 EPS. The firm’s revenue was up 13.2% on a year-over-year basis.
STT has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $126.00 target price for the company in a research note on Thursday, January 25th. Buckingham Research upped their target price on shares of State Street from $124.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods set a $120.00 target price on shares of State Street and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Vining Sparks reaffirmed a “buy” rating and issued a $120.00 target price on shares of State Street in a research note on Monday, January 8th. Finally, Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Wednesday, January 10th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $111.33.
NYSE STT traded down $4.52 on Monday, reaching $99.66. The company had a trading volume of 3,952,090 shares, compared to its average volume of 1,498,070. The firm has a market cap of $38,302.11, a PE ratio of 16.72, a PEG ratio of 1.36 and a beta of 1.31. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.61. State Street has a 1-year low of $77.41 and a 1-year high of $114.27.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 16th. Shareholders of record on Monday, April 2nd were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, March 29th. This represents a $1.68 annualized dividend and a yield of 1.69%. State Street’s dividend payout ratio (DPR) is presently 28.19%.
In other State Street news, CEO Joseph L. Hooley sold 33,568 shares of the business’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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $108.17, for a total transaction of $1,108,526.16. The disclosure for this sale can be found here. Insiders have sold a total of 49,531 shares of company stock worth $5,146,169 over the last three months. Insiders own 0.40% of the company’s stock.
Large investors have recently modified their holdings of the business. NuWave Investment Management LLC bought a new stake in State Street during the 4th quarter worth about $107,000. Legacy Advisors LLC raised its holdings in shares of State Street by 835.8% in the 4th quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock valued at $112,000 after purchasing an additional 1,028 shares during the period. Delpha Capital Management LLC bought a new stake in shares of State Street in the 4th quarter valued at about $113,000. Focused Wealth Management Inc bought a new stake in shares of State Street in the 4th quarter valued at about $117,000. Finally, Financial Gravity Companies Inc. bought a new stake in shares of State Street in the 4th quarter valued at about $137,000. 88.54% of the stock is currently owned by hedge funds and other institutional investors.
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About State Street
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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