State Street Corp (STT) Expected to Post Quarterly Sales of $2.97 Billion

Brokerages forecast that State Street Corp (NYSE:STT) will post $2.97 billion in sales for the current quarter, Zacks reports. Four analysts have made estimates for State Street’s earnings, with the lowest sales estimate coming in at $2.97 billion and the highest estimate coming in at $2.99 billion. State Street posted sales of $2.53 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 17.4%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Tuesday, January 23rd.

According to Zacks, analysts expect that State Street will report full year sales of $2.97 billion for the current financial year, with estimates ranging from $11.34 billion to $11.71 billion. For the next fiscal year, analysts anticipate that the company will report sales of $12.21 billion per share, with estimates ranging from $11.89 billion to $12.32 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for State Street.

State Street (NYSE:STT) last announced its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.10. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.35 EPS.

Several research firms recently issued reports on STT. Zacks Investment Research lowered shares of State Street from a “buy” rating to a “hold” rating and set a $109.00 price target on the stock. in a research report on Friday. Royal Bank of Canada reduced their price target on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 24th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $114.00 target price on shares of State Street in a research report on Friday, December 22nd. Barclays raised their target price on shares of State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, ValuEngine lowered shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $99.40.

State Street (NYSE:STT) traded up $1.05 during midday trading on Friday, hitting $98.48. 1,026,400 shares of the company traded hands, compared to its average volume of 1,332,800. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. The firm has a market cap of $36,260.00, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 1.48 and a beta of 1.35. State Street has a twelve month low of $74.45 and a twelve month high of $100.90.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Friday, December 29th. State Street’s dividend payout ratio is presently 29.07%.

In related news, insider Hannah M. Grove sold 3,200 shares of State Street stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total transaction of $296,448.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew Erickson sold 354 shares of State Street stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $92.00, for a total transaction of $32,568.00. The disclosure for this sale can be found here. Insiders have sold 28,724 shares of company stock valued at $2,659,741 in the last three months. 0.71% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of STT. Zions Bancorporation increased its stake in State Street by 318.0% in the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after purchasing an additional 795 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in State Street by 15.3% in the second 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 in the last quarter. Eagle Asset Management Inc. bought a new stake in State Street in the second quarter valued at $200,000. Sabal Trust CO bought a new stake in State Street in the third quarter valued at $201,000. Finally, Tiemann Investment Advisors LLC bought a new stake in State Street in the third quarter valued at $204,000. 88.12% of the stock is owned by hedge funds and other institutional investors.

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State Street 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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