State Street Co. (NYSE:STT) Expected to Post Earnings of $1.91 Per Share

Equities research analysts expect that State Street Co. (NYSE:STT) will report earnings of $1.91 per share for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for State Street’s earnings, with the lowest EPS estimate coming in at $1.80 and the highest estimate coming in at $1.99. State Street reported earnings of $1.69 per share during the same quarter last year, which would indicate a positive year over year growth rate of 13%. The business is expected to report its next quarterly earnings results on Tuesday, January 18th.

On average, analysts expect that State Street will report full year earnings of $7.35 per share for the current fiscal year, with EPS estimates ranging from $7.24 to $7.42. For the next year, analysts anticipate that the business will report earnings of $8.47 per share, with EPS estimates ranging from $8.15 to $8.84. Zacks Investment Research’s EPS averages are an average based on a survey of research analysts that cover State Street.

State Street (NYSE:STT) last issued its quarterly earnings results on Sunday, October 17th. The asset manager reported $2.00 EPS for the quarter, beating the consensus estimate of $1.92 by $0.08. State Street had a return on equity of 11.13% and a net margin of 21.27%. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.96 billion. During the same period in the prior year, the firm posted $1.45 earnings per share. The business’s quarterly revenue was up 7.4% compared to the same quarter last year.

Several brokerages recently commented on STT. Morgan Stanley increased their price target on State Street from $117.00 to $122.00 and gave the company an “overweight” rating in a research report on Wednesday, September 8th. Credit Suisse Group increased their price target on State Street from $92.00 to $103.00 and gave the company a “neutral” rating in a research report on Tuesday, October 19th. UBS Group increased their price target on State Street from $106.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, October 20th. Wolfe Research raised State Street from a “peer perform” rating to an “outperform” rating in a research report on Thursday, October 7th. Finally, Royal Bank of Canada raised their price objective on State Street from $86.00 to $99.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 19th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, State Street presently has a consensus rating of “Buy” and an average price target of $99.79.

In other State Street news, CEO Francisco Aristeguieta sold 22,200 shares of the firm’s stock in a transaction on Monday, November 15th. The stock was sold at an average price of $99.45, for a total value of $2,207,790.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Cyrus Taraporevala sold 4,487 shares of the firm’s stock in a transaction on Friday, October 8th. The shares were sold at an average price of $89.23, for a total value of $400,375.01. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,436 shares of company stock worth $3,162,960. 0.28% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of STT. Pflug Koory LLC acquired a new stake in shares of State Street during the 2nd quarter valued at $27,000. Lumbard & Kellner LLC acquired a new stake in shares of State Street during the 3rd quarter valued at $27,000. Liberty Wealth Management LLC boosted its holdings in shares of State Street by 6,927.1% during the 2nd quarter. Liberty Wealth Management LLC now owns 3,373 shares of the asset manager’s stock valued at $41,000 after acquiring an additional 3,325 shares in the last quarter. Magellan Asset Management Ltd acquired a new stake in shares of State Street during the 3rd quarter valued at $46,000. Finally, West Branch Capital LLC acquired a new stake in shares of State Street during the 2nd quarter valued at $53,000. 84.11% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE STT opened at $93.35 on Thursday. The stock has a 50 day moving average price of $93.57 and a 200 day moving average price of $88.86. State Street has a 52 week low of $68.80 and a 52 week high of $100.69. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market capitalization of $34.13 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.67 and a beta of 1.59.

State Street Company Profile

State Street Corp. operates as a financial holding company. It conducts business primarily through State Street Bank. The company operates through following business lines: Investment Servicing and Investment Management. The Investment Servicing business offers custody, product and participant-level accounting, daily pricing and administration, master trust and master custody, 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, and performance, risk and compliance analytics.

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