Zacks: Analysts Anticipate State Street Corporation (NYSE:STT) to Post $1.58 EPS
Wall Street brokerages expect that State Street Corporation (NYSE:STT) will announce $1.58 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for State Street Corporation’s earnings. The lowest EPS estimate is $1.53 and the highest is $1.62. State Street Corporation posted earnings per share of $1.35 during the same quarter last year, which suggests a positive year-over-year growth rate of 17%. The firm is expected to issue its next quarterly earnings results on Wednesday, October 25th.
On average, analysts expect that State Street Corporation will report full year earnings of $6.07 per share for the current financial year, with EPS estimates ranging from $5.95 to $6.20. For the next financial year, analysts forecast that the firm will post earnings of $6.76 per share, with EPS estimates ranging from $6.54 to $6.95. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover State Street Corporation.
State Street Corporation (NYSE:STT) last issued its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the prior year, the business posted $1.46 EPS. The company’s revenue for the quarter was up 9.2% on a year-over-year basis.
Several research firms have weighed in on STT. Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and boosted their target price for the company from $92.00 to $100.00 in a research note on Wednesday, June 28th. Deutsche Bank AG lowered their target price on shares of State Street Corporation from $81.00 to $80.00 and set a “hold” rating for the company in a research note on Monday, April 24th. Barclays PLC boosted their target price on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Citigroup Inc. boosted their target price on shares of State Street Corporation from $82.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, April 11th. Finally, Keefe, Bruyette & Woods set a $88.00 target price on shares of State Street Corporation and gave the company a “hold” rating in a research note on Wednesday, April 26th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $88.63.
In other State Street Corporation news, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $93.38, for a total value of $466,900.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider George E. Sullivan sold 2,718 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $81.81, for a total transaction of $222,359.58. Following the completion of the sale, the insider now owns 73,090 shares in the company, valued at $5,979,492.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,069 shares of company stock worth $1,422,969. 0.64% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of STT. Highbridge Capital Management LLC acquired a new stake in shares of State Street Corporation during the fourth quarter valued at approximately $617,000. Raymond James Trust N.A. acquired a new stake in shares of State Street Corporation during the first quarter valued at approximately $257,000. Creative Planning boosted its stake in shares of State Street Corporation by 10.1% in the first quarter. Creative Planning now owns 12,692 shares of the asset manager’s stock valued at $1,010,000 after buying an additional 1,167 shares during the period. Gulf International Bank UK Ltd boosted its stake in shares of State Street Corporation by 1.2% in the first quarter. Gulf International Bank UK Ltd now owns 122,352 shares of the asset manager’s stock valued at $9,740,000 after buying an additional 1,500 shares during the period. Finally, Addenda Capital Inc. boosted its stake in shares of State Street Corporation by 3.8% in the first quarter. Addenda Capital Inc. now owns 93,666 shares of the asset manager’s stock valued at $7,379,000 after buying an additional 3,418 shares during the period. Hedge funds and other institutional investors own 88.62% of the company’s stock.
Shares of State Street Corporation (NYSE STT) traded up 0.23% on Tuesday, hitting $94.67. 575,284 shares of the stock traded hands. The firm’s 50-day moving average is $90.65 and its 200 day moving average is $82.85. The firm has a market cap of $35.42 billion, a P/E ratio of 17.48 and a beta of 1.30. State Street Corporation has a 12-month low of $66.44 and a 12-month high of $96.26.
State Street Corporation announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a $0.42 dividend. The ex-dividend date is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a yield of 1.78%. State Street Corporation’s payout ratio is 28.15%.
About State Street Corporation
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for State Street Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street Corporation and related companies with MarketBeat.com's FREE daily email newsletter.