Brokerages expect that State Street Corp (NYSE:STT) will announce sales of $2.85 billion for the current quarter, according to Zacks. Four analysts have made estimates for State Street’s earnings. The lowest sales estimate is $2.84 billion and the highest is $2.88 billion. State Street reported sales of $3.03 billion in the same quarter last year, which indicates a negative year over year growth rate of 5.9%. The company is scheduled to report its next quarterly earnings report before the market opens on Friday, July 19th.
According to Zacks, analysts expect that State Street will report full-year sales of $11.56 billion for the current financial year, with estimates ranging from $11.48 billion to $11.64 billion. For the next year, analysts forecast that the business will report sales of $11.64 billion, with estimates ranging from $11.47 billion to $11.95 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover State Street.
State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, April 23rd. The asset manager reported $1.24 EPS for the quarter, topping the consensus estimate of $1.19 by $0.05. The business had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.92 billion. State Street had a net margin of 18.77% and a return on equity of 13.44%. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.62 EPS.
STT has been the topic of several research analyst reports. Buckingham Research decreased their price target on shares of State Street from $83.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, June 12th. Wells Fargo & Co set a $32.00 price target on shares of Farfetch and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Zacks Investment Research upgraded shares of Investar from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Tuesday, June 4th. Royal Bank of Canada decreased their price target on shares of from GBX 845 ($11.04) to GBX 800 ($10.45) and set an “outperform” rating on the stock in a research note on Wednesday, June 19th. Finally, Bank of America set a $20.00 target price on shares of Fiat Chrysler Automobiles and gave the company a “hold” rating in a research report on Thursday, June 6th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $70.52.
STT stock traded up $0.15 during mid-day trading on Friday, hitting $55.19. The company had a trading volume of 4,544,983 shares, compared to its average volume of 2,821,041. The company has a market capitalization of $20.31 billion, a P/E ratio of 7.64, a price-to-earnings-growth ratio of 0.86 and a beta of 1.40. State Street has a 12-month low of $53.53 and a 12-month high of $95.68. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.52. The firm’s 50-day moving average price is $56.15.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 16th. Investors of record on Monday, July 1st will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.88 annualized dividend and a yield of 3.41%. State Street’s payout ratio is 26.04%.
In related news, EVP Jeffrey N. Carp sold 25,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $63.22, for a total transaction of $1,580,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gregory L. Summe purchased 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were purchased at an average price of $64.50 per share, for a total transaction of $193,500.00. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in State Street by 3.6% during the 1st quarter. BlackRock Inc. now owns 28,060,332 shares of the asset manager’s stock valued at $1,846,653,000 after purchasing an additional 985,011 shares during the last quarter. FMR LLC grew its holdings in State Street by 35.9% during the 4th quarter. FMR LLC now owns 18,222,073 shares of the asset manager’s stock valued at $1,149,266,000 after purchasing an additional 4,816,904 shares during the last quarter. Harris Associates L P grew its holdings in State Street by 20.6% during the 4th quarter. Harris Associates L P now owns 8,200,705 shares of the asset manager’s stock valued at $517,219,000 after purchasing an additional 1,400,990 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in State Street by 22.5% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,693,222 shares of the asset manager’s stock valued at $422,141,000 after purchasing an additional 1,229,589 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in State Street by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 4,748,395 shares of the asset manager’s stock worth $298,936,000 after acquiring an additional 600,360 shares in the last quarter. Institutional investors own 89.56% of the company’s stock.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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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