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%.
ILLEGAL ACTIVITY WARNING: This piece was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this piece on another site, it was stolen and republished in violation of international trademark and copyright law. The original version of this piece can be viewed at https://www.americanbankingnews.com/2017/10/05/analysts-expect-state-street-corporation-stt-will-announce-quarterly-sales-of-2-94-billion.html.
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.
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.