Analysts Expect State Street Corp (STT) Will Announce Quarterly Sales of $2.98 Billion

Equities research analysts expect State Street Corp (NYSE:STT) to report $2.98 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for State Street’s earnings. The highest sales estimate is $3.00 billion and the lowest is $2.95 billion. State Street reported sales of $2.53 billion in the same quarter last year, which would suggest a positive year over year growth rate of 17.8%. The firm is expected to report its next earnings report before the market opens on Tuesday, January 23rd.

According to Zacks, analysts expect that State Street will report full year sales of $2.98 billion for the current fiscal 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 $12.23 billion per share, with estimates ranging from $11.89 billion to $12.34 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow State Street.

State Street (NYSE:STT) last posted its earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.10. State Street had a return on equity of 13.03% and a net margin of 20.56%. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter last year, the company earned $1.35 EPS. State Street’s revenue was up 7.7% on a year-over-year basis.

Several equities analysts have issued reports on the company. Zacks Investment Research downgraded State Street from a “buy” rating to a “hold” rating in a research report on Friday, January 12th. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Wednesday, January 10th. Jefferies Group reiterated a “hold” rating and issued a $107.00 price objective on shares of State Street in a research report on Tuesday, January 9th. Vining Sparks reiterated a “buy” rating and issued a $120.00 price objective on shares of State Street in a research report on Monday, January 8th. Finally, Barclays lifted their price objective on State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $101.13.

In related news, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total value of $2,315,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,724 shares of company stock valued at $2,659,741. 0.71% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in STT. Zions Bancorporation grew its stake in shares of State Street by 318.0% during the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock worth $100,000 after purchasing an additional 795 shares during the period. Sabal Trust CO acquired a new stake in shares of State Street during the third quarter worth $201,000. Trustmark National Bank Trust Department acquired a new position in State Street in the third quarter valued at about $204,000. Tiemann Investment Advisors LLC acquired a new position in State Street in the third quarter valued at about $204,000. Finally, KLCM Advisors Inc. acquired a new position in State Street in the second quarter valued at about $205,000. 88.11% of the stock is owned by institutional investors and hedge funds.

Shares of State Street (NYSE:STT) traded up $2.56 on Monday, reaching $107.61. The company’s stock had a trading volume of 1,884,700 shares, compared to its average volume of 1,636,315. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street has a 52-week low of $74.45 and a 52-week high of $108.50. The company has a market cap of $39,950.00, a P/E ratio of 18.62, a price-to-earnings-growth ratio of 1.39 and a beta of 1.35.

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, December 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.56%. State Street’s payout ratio is currently 29.07%.

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About State Street

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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