Wall Street brokerages forecast that State Street Corp (NYSE:STT) will post sales of $2.85 billion for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for State Street’s earnings, with the lowest sales estimate coming in at $2.84 billion and the highest estimate coming in at $2.87 billion. State Street posted sales of $2.95 billion during the same quarter last year, which would indicate a negative year over year growth rate of 3.4%. The business is expected to announce its next earnings report on Friday, October 18th.

On average, analysts expect that State Street will report full-year sales of $11.55 billion for the current financial year, with estimates ranging from $11.49 billion to $11.60 billion. For the next year, analysts anticipate that the company will report sales of $11.60 billion, with estimates ranging from $11.38 billion to $11.78 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 Friday, July 19th. The asset manager reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.05. The firm had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.86 billion. State Street had a return on equity of 12.13% and a net margin of 17.66%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.05 earnings per share.

A number of brokerages have recently issued reports on STT. UBS Group raised their price objective on State Street from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Monday, July 8th. Deutsche Bank reduced their price target on shares of State Street from $55.00 to $53.00 and set a “hold” rating for the company in a research report on Wednesday. Zacks Investment Research downgraded shares of State Street from a “hold” rating to a “sell” rating and set a $59.00 price target for the company. in a research report on Tuesday, June 4th. Bank of America reaffirmed a “buy” rating and issued a $65.00 target price (down previously from $75.00) on shares of State Street in a research report on Thursday, June 6th. Finally, Wells Fargo & Co set a $55.00 target price on shares of State Street and gave the stock a “hold” rating in a research report on Friday, August 16th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. State Street presently has a consensus rating of “Hold” and a consensus price target of $67.75.

In other State Street news, EVP Jeffrey N. Carp sold 25,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total value of $1,293,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Saint-Aignan Patrick De purchased 500 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was bought at an average price of $58.85 per share, for a total transaction of $29,425.00. Following the purchase, the director now owns 28,793 shares in the company, valued at $1,694,468.05. The disclosure for this purchase can be found here. Insiders have bought a total of 4,000 shares of company stock worth $224,365 in the last quarter. Corporate insiders own 0.40% of the company’s stock.

Several institutional investors have recently bought and sold shares of STT. Longview Partners Guernsey LTD grew its holdings in State Street by 34.2% during the 2nd quarter. Longview Partners Guernsey LTD now owns 20,398,955 shares of the asset manager’s stock valued at $1,143,565,000 after purchasing an additional 5,203,360 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in State Street by 24.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,962,313 shares of the asset manager’s stock valued at $670,607,000 after buying an additional 2,323,171 shares during the period. Nuveen Asset Management LLC lifted its position in shares of State Street by 21,541.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,087,558 shares of the asset manager’s stock worth $117,029,000 after purchasing an additional 2,077,912 shares during the period. BlackRock Inc. lifted its position in shares of State Street by 7.0% in the 2nd quarter. BlackRock Inc. now owns 30,035,664 shares of the asset manager’s stock worth $1,683,799,000 after purchasing an additional 1,975,332 shares during the period. Finally, Coho Partners Ltd. lifted its position in shares of State Street by 44.3% in the 1st quarter. Coho Partners Ltd. now owns 2,821,105 shares of the asset manager’s stock worth $185,657,000 after purchasing an additional 866,392 shares during the period. Hedge funds and other institutional investors own 88.42% of the company’s stock.

Shares of NYSE:STT traded up $0.41 during trading on Monday, hitting $50.95. 351,215 shares of the company were exchanged, compared to its average volume of 3,178,580. The company has a market cap of $18.96 billion, a PE ratio of 7.06, a P/E/G ratio of 0.83 and a beta of 1.43. State Street has a 52-week low of $48.62 and a 52-week high of $90.20. The stock has a 50 day moving average of $55.29 and a 200 day moving average of $62.55. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.48 and a quick ratio of 0.48.

About State Street

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.

See Also: Return on Equity (ROE)

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Earnings History and Estimates for State Street (NYSE:STT)

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