$2.94 Billion in Sales Expected for State Street Corporation (STT) This Quarter
Analysts predict that State Street Corporation (NYSE:STT) will report $2.94 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have issued 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 indicates a positive year over year growth rate of 12.2%. The firm is expected to announce its next earnings results before the market opens on Monday, October 23rd.
On average, analysts expect that State Street Corporation will report full year sales of $2.94 billion for the current fiscal year, with estimates ranging from $11.16 billion to $11.73 billion. For the next year, analysts anticipate that the business will report sales of $12.07 billion per share, with estimates ranging from $11.41 billion to $12.50 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow State Street Corporation.
State Street Corporation (NYSE:STT) last announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.46 earnings per share.
Several research analysts have recently commented on STT shares. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price for the company in a research report on Thursday, July 27th. Wells Fargo & Company started coverage on State Street Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 target price for the company. Barclays PLC lifted their target price on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Keefe, Bruyette & Woods set a $93.00 target price on State Street Corporation and gave the stock a “hold” rating in a research report on Monday, August 28th. Finally, Buckingham Research reiterated a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. State Street Corporation presently has a consensus rating of “Hold” and a consensus target price of $91.50.
In related news, insider Hannah M. Grove sold 3,200 shares of State Street Corporation stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $92.55, for a total value of $296,160.00. Following the transaction, the insider now directly owns 39,896 shares in the company, valued at approximately $3,692,374.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew Erickson sold 353 shares of State Street Corporation stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the transaction, the insider now owns 21,170 shares in the company, valued at $1,969,021.70. The disclosure for this sale can be found here. Insiders sold a total of 8,814 shares of company stock worth $820,385 over the last 90 days. Insiders own 0.71% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Salem Investment Counselors Inc. grew its holdings 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 worth $131,000 after acquiring an additional 964 shares during the last quarter. Parallel Advisors LLC grew its holdings 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 worth $105,000 after acquiring an additional 172 shares during the last quarter. Penserra Capital Management LLC acquired a new position in shares of State Street Corporation in the 2nd quarter worth $107,000. Bronfman E.L. Rothschild L.P. grew its holdings 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 worth $114,000 after acquiring an additional 168 shares during the last quarter. Finally, NEXT Financial Group Inc grew its holdings 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 worth $130,000 after acquiring an additional 75 shares during the last quarter. Institutional investors and hedge funds own 87.36% of the company’s stock.
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State Street Corporation (NYSE STT) opened at 94.04 on Friday. State Street Corporation has a one year low of $68.16 and a one year high of $96.26. The firm has a market capitalization of $35.17 billion, a P/E ratio of 17.36 and a beta of 1.31. The company has a 50-day moving average price of $93.24 and a 200-day moving average price of $86.10.
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 represents a $1.68 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Friday, September 29th. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is currently 28.15%.
State Street Corporation declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
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.
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