Wall Street brokerages expect State Street Corp (NYSE:STT) to post earnings per share of $1.85 for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for State Street’s earnings. The highest EPS estimate is $2.03 and the lowest is $1.73. State Street reported earnings of $1.83 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 1.1%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, January 22nd.
According to Zacks, analysts expect that State Street will report full year earnings of $7.41 per share for the current year, with EPS estimates ranging from $7.37 to $7.55. For the next year, analysts expect that the company will post earnings of $7.62 per share, with EPS estimates ranging from $7.17 to $8.20. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow State Street.
State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.89 by ($0.02). State Street had a return on equity of 14.99% and a net margin of 19.90%. The company had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same period last year, the company posted $1.71 earnings per share. The company’s revenue was up 3.7% compared to the same quarter last year.
A number of research firms have recently weighed in on STT. ValuEngine raised shares of State Street from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 4th. Wolfe Research began coverage on shares of State Street in a research note on Tuesday, September 25th. They issued a “market perform” rating on the stock. Morgan Stanley raised shares of State Street from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $109.00 to $115.00 in a research note on Tuesday, September 4th. UBS Group upped their price target on shares of State Street from $96.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, October 8th. Finally, Deutsche Bank upped their price target on shares of State Street from $98.00 to $99.00 and gave the stock a “buy” rating in a research note on Thursday, September 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $100.40.
In other State Street news, Director Saint-Aignan Patrick De bought 500 shares of the stock in a transaction on Tuesday, October 23rd. The shares were purchased at an average cost of $68.62 per share, with a total value of $34,310.00. Following the completion of the transaction, the director now directly owns 25,138 shares of the company’s stock, valued at approximately $1,724,969.56. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Louis D. Maiuri bought 740 shares of the stock in a transaction on Wednesday, October 24th. The shares were acquired at an average cost of $67.60 per share, for a total transaction of $50,024.00. Following the completion of the transaction, the executive vice president now directly owns 45,314 shares of the company’s stock, valued at $3,063,226.40. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in STT. Acadian Asset Management LLC boosted its holdings in State Street by 10,354.8% during the second quarter. Acadian Asset Management LLC now owns 8,782 shares of the asset manager’s stock valued at $818,000 after acquiring an additional 8,698 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in State Street by 6.7% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 33,970 shares of the asset manager’s stock valued at $3,162,000 after acquiring an additional 2,127 shares during the period. Commonwealth Equity Services LLC boosted its holdings in State Street by 1.7% during the second quarter. Commonwealth Equity Services LLC now owns 35,179 shares of the asset manager’s stock valued at $3,275,000 after acquiring an additional 604 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in State Street by 8,388.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,122 shares of the asset manager’s stock valued at $198,000 after acquiring an additional 2,097 shares during the period. Finally, First Trust Advisors LP boosted its holdings in State Street by 3.7% during the second quarter. First Trust Advisors LP now owns 135,276 shares of the asset manager’s stock valued at $12,593,000 after acquiring an additional 4,819 shares during the period. Institutional investors own 87.22% of the company’s stock.
NYSE STT opened at $65.04 on Friday. State Street has a 1-year low of $63.40 and a 1-year high of $114.27. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.50 and a current ratio of 0.50. The firm has a market capitalization of $25.74 billion, a PE ratio of 10.91, a P/E/G ratio of 0.99 and a beta of 1.35.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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