Analysts Expect State Street Corporation (STT) Will Announce Quarterly Sales of $2.94 Billion
Brokerages expect that State Street Corporation (NYSE:STT) will report $2.94 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for State Street Corporation’s earnings, with the lowest sales estimate coming in at $2.92 billion and the highest estimate coming in at $2.96 billion. State Street Corporation reported sales of $2.62 billion during the same quarter last year, which would indicate a positive year over year growth rate of 12.2%. The business is expected to announce its next earnings report before the market opens on Monday, October 23rd.
According to Zacks, analysts expect that State Street Corporation will report full-year sales of $2.94 billion for the current year, with estimates ranging from $11.18 billion to $11.73 billion. For the next financial year, analysts anticipate that the firm will report sales of $12.07 billion per share, with estimates ranging from $11.42 billion to $12.50 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover State Street Corporation.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. State Street Corporation’s revenue was up 9.2% compared to the same quarter last year.
Several brokerages recently issued reports on STT. Zacks Investment Research lowered shares of State Street Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Jefferies Group LLC reaffirmed a “hold” rating and set a $100.00 price target on shares of State Street Corporation in a report on Friday, September 15th. Keefe, Bruyette & Woods set a $93.00 price target on shares of State Street Corporation and gave the company a “hold” rating in a report on Monday, August 28th. Wells Fargo & Company began coverage on shares of State Street Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price target on the stock. Finally, Barclays PLC lifted their price target on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $93.80.
In other news, insider Andrew Erickson sold 353 shares of the company’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the sale, the insider now directly owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $93.38, for a total transaction of $466,900.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,814 shares of company stock worth $820,385. Insiders own 0.71% of the company’s stock.
Large investors have recently bought and sold shares of the company. Salem Investment Counselors Inc. boosted its stake in shares of State Street Corporation by 2,677.8% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after purchasing an additional 964 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of State Street Corporation by 18.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after purchasing an additional 172 shares during the last quarter. Penserra Capital Management LLC bought a new stake in shares of State Street Corporation in the 2nd quarter valued at $107,000. Bronfman E.L. Rothschild L.P. boosted its stake in shares of State Street Corporation by 15.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after purchasing an additional 168 shares during the last quarter. Finally, NEXT Financial Group Inc boosted its stake in shares of State Street Corporation by 5.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after purchasing an additional 75 shares during the last quarter. 87.42% of the stock is currently owned by institutional investors.
Shares of State Street Corporation (NYSE STT) opened at 97.11 on Thursday. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $98.08. The company has a market capitalization of $36.31 billion, a PE ratio of 17.93 and a beta of 1.31. The stock’s 50 day moving average is $93.97 and its 200 day moving average is $87.61.
State Street Corporation announced that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization permits the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a $0.42 dividend. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s dividend payout ratio is currently 31.11%.
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State Street Corporation 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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