Brokerages Anticipate State Street Corp (STT) Will Post Quarterly Sales of $3.02 Billion

Analysts forecast that State Street Corp (NYSE:STT) will report sales of $3.02 billion for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for State Street’s earnings. The lowest sales estimate is $2.99 billion and the highest is $3.06 billion. State Street reported sales of $2.78 billion in the same quarter last year, which indicates a positive year over year growth rate of 8.6%. The company is scheduled to announce its next quarterly earnings report on Wednesday, April 25th.

On average, analysts expect that State Street will report full-year sales of $3.02 billion for the current financial year, with estimates ranging from $12.09 billion to $12.49 billion. For the next fiscal year, analysts expect that the company will report sales of $12.76 billion per share, with estimates ranging from $12.63 billion to $12.92 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for State Street.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.71 by ($0.10). State Street had a net margin of 17.94% and a return on equity of 13.41%. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.98 billion. During the same period in the prior year, the business earned $1.48 earnings per share. The company’s revenue for the quarter was up 8.5% on a year-over-year basis.

A number of brokerages recently issued reports on STT. Morgan Stanley boosted their price objective on shares of State Street from $114.00 to $117.00 and gave the company an “equal weight” rating in a report on Friday, February 2nd. ValuEngine raised shares of State Street from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods set a $120.00 price objective on shares of State Street and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $126.00 price target on the stock in a research report on Thursday, January 25th. Finally, Bank of America upped their price target on shares of State Street from $108.00 to $118.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $106.69.

In other news, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.71% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Trust N.A. boosted its stake in shares of State Street by 26.5% during the third quarter. Raymond James Trust N.A. now owns 4,112 shares of the asset manager’s stock valued at $393,000 after purchasing an additional 862 shares during the period. Boston Advisors LLC bought a new position in State Street in the third quarter worth $13,279,000. Todd Asset Management LLC raised its holdings in State Street by 84.0% in the third quarter. Todd Asset Management LLC now owns 399,013 shares of the asset manager’s stock worth $38,122,000 after purchasing an additional 182,164 shares in the last quarter. Dupont Capital Management Corp grew its stake in shares of State Street by 36.8% in the third quarter. Dupont Capital Management Corp now owns 76,455 shares of the asset manager’s stock worth $7,305,000 after acquiring an additional 20,564 shares during the last quarter. Finally, Arrow Financial Corp grew its stake in shares of State Street by 71.6% in the third quarter. Arrow Financial Corp now owns 10,498 shares of the asset manager’s stock worth $1,003,000 after acquiring an additional 4,379 shares during the last quarter. 86.95% of the stock is owned by institutional investors and hedge funds.

Shares of State Street (NYSE:STT) opened at $104.50 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.49. The firm has a market cap of $39,853.82, a P/E ratio of 19.98, a P/E/G ratio of 1.79 and a beta of 1.31. State Street has a 12 month low of $75.27 and a 12 month high of $114.27.

The business also recently declared 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. This represents a $1.68 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Friday, December 29th. State Street’s dividend payout ratio is presently 32.12%.

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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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