Equities research analysts expect State Street Corporation (NYSE:STT) to post $2.95 billion in sales for the current quarter, Zacks reports. Four analysts have issued estimates for State Street Corporation’s earnings, with the lowest sales estimate coming in at $2.94 billion and the highest estimate coming in at $2.96 billion. State Street Corporation reported sales of $2.62 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 12.6%. The business is expected to announce its next earnings report before the market opens on Monday, October 23rd.

On average, analysts expect that State Street Corporation will report full-year sales of $2.95 billion for the current fiscal year, with estimates ranging from $11.18 billion to $11.74 billion. For the next year, analysts anticipate that the business will post sales of $12.13 billion per share, with estimates ranging from $11.42 billion to $12.51 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for State Street Corporation.

State Street Corporation (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating the consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.46 EPS.

Several research analysts have commented on the stock. Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and boosted their price objective for the company from $92.00 to $100.00 in a research report on Wednesday, June 28th. Wells Fargo & Company assumed coverage on shares of State Street Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price objective for the company. Barclays PLC boosted their price objective on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, July 27th. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research report on Wednesday, August 30th. Finally, Jefferies Group LLC restated a “hold” rating and set a $100.00 price objective on shares of State Street Corporation in a research report on Friday, September 15th. One analyst has rated the stock with a sell rating, ten have given a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $95.07.

In related news, insider Andrew Erickson sold 353 shares of the business’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 owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $92.55, for a total transaction of $296,160.00. Following the completion of the sale, the insider now directly owns 39,896 shares in the company, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. In the last three months, insiders sold 8,814 shares of company stock worth $820,385. 0.71% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of State Street Corporation by 1.9% in the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock worth $2,155,556,000 after purchasing an additional 448,658 shares during the last quarter. BlackRock Inc. grew its stake in shares of State Street Corporation by 2,256.7% in the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock worth $1,640,284,000 after purchasing an additional 19,729,678 shares during the last quarter. FMR LLC grew its stake in shares of State Street Corporation by 10.8% in the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock worth $1,793,591,000 after purchasing an additional 1,940,536 shares during the last quarter. Longview Partners Guernsey LTD grew its stake in shares of State Street Corporation by 76.9% in the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock worth $679,210,000 after purchasing an additional 3,290,082 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in shares of State Street Corporation by 9.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,262,504 shares of the asset manager’s stock worth $418,948,000 after purchasing an additional 432,832 shares during the last quarter. 87.41% of the stock is currently owned by institutional investors.

State Street Corporation (NYSE:STT) opened at 99.12 on Monday. State Street Corporation has a one year low of $68.68 and a one year high of $99.99. The firm has a market capitalization of $37.07 billion, a PE ratio of 18.30 and a beta of 1.31. The stock has a 50 day moving average price of $95.94 and a 200-day moving average price of $89.29.

State Street Corporation announced that its Board of Directors has authorized 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 reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

ILLEGAL ACTIVITY WARNING: “State Street Corporation (STT) Expected to Post Quarterly Sales of $2.95 Billion” was first reported by American Banking News and is the sole property of of American Banking News. If you are reading this story on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright law. The correct version of this story can be viewed at https://www.americanbankingnews.com/2017/10/23/state-street-corporation-stt-expected-to-post-quarterly-sales-of-2-95-billion.html.

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.

Get a free copy of the Zacks research report on State Street Corporation (STT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for State Street Corporation (NYSE:STT)

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.