State Street Corp (STT) Expected to Post Quarterly Sales of $2.97 Billion

Analysts forecast that State Street Corp (NYSE:STT) will report sales of $2.97 billion for the current quarter, according to Zacks. Four analysts have provided estimates for State Street’s earnings, with estimates ranging from $2.94 billion to $3.01 billion. State Street posted sales of $3.03 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 2%. The business is scheduled to issue its next earnings results on Friday, July 19th.

According to Zacks, analysts expect that State Street will report full-year sales of $11.94 billion for the current fiscal year, with estimates ranging from $11.86 billion to $12.11 billion. For the next financial year, analysts expect that the business will report sales of $12.26 billion, with estimates ranging from $12.09 billion to $12.48 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for State Street.

State Street (NYSE:STT) last released its earnings results on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.05. The company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.92 billion. State Street had a return on equity of 13.44% and a net margin of 18.77%. State Street’s revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.62 EPS.

STT has been the subject of a number of research analyst reports. Deutsche Bank downgraded State Street from a “buy” rating to a “hold” rating and set a $69.95 price target for the company. in a report on Thursday, March 14th. Keefe, Bruyette & Woods cut State Street from a “market perform” rating to an “underperform” rating and cut their price target for the stock from $72.00 to $70.00 in a research note on Sunday, February 24th. ValuEngine cut State Street from a “sell” rating to a “strong sell” rating in a research note on Friday, March 1st. Morgan Stanley dropped their price objective on State Street from $88.00 to $84.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. Finally, Zacks Investment Research raised State Street from a “sell” rating to a “hold” rating in a report on Monday, March 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. State Street presently has an average rating of “Hold” and an average target price of $82.72.

In other news, EVP Jeffrey N. Carp sold 25,000 shares of State Street stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total transaction of $1,580,500.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Hanley Ronald P. O sold 27,500 shares of State Street stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $71.82, for a total value of $1,975,050.00. Following the transaction, the chief executive officer now owns 60,479 shares in the company, valued at approximately $4,343,601.78. The disclosure for this sale can be found here. Insiders have sold 65,972 shares of company stock worth $4,525,537 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Pearl River Capital LLC purchased a new position in State Street in the fourth quarter valued at about $25,000. Certified Advisory Corp grew its stake in State Street by 125.0% in the fourth quarter. Certified Advisory Corp now owns 450 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Harvest Group Wealth Management LLC purchased a new position in State Street in the first quarter valued at about $28,000. Magellan Asset Management Ltd grew its stake in State Street by 80.1% in the fourth quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock valued at $33,000 after purchasing an additional 234 shares in the last quarter. Finally, NuWave Investment Management LLC grew its stake in State Street by 3,180.0% in the first quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock valued at $33,000 after purchasing an additional 477 shares in the last quarter. Hedge funds and other institutional investors own 88.47% of the company’s stock.

Shares of State Street stock traded up $0.33 on Monday, reaching $58.97. 1,662,500 shares of the company were exchanged, compared to its average volume of 2,535,447. State Street has a 1-year low of $57.87 and a 1-year high of $101.35. The company has a market cap of $22.01 billion, a PE ratio of 8.17, a P/E/G ratio of 0.87 and a beta of 1.37. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.45 and a current ratio of 0.45.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Investors of record on Monday, July 1st will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, June 28th. State Street’s payout ratio is 26.04%.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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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Earnings History and Estimates for State Street (NYSE:STT)

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