Zacks: Analysts Expect State Street Corporation (STT) Will Post Quarterly Sales of $2.90 Billion
Brokerages expect that State Street Corporation (NYSE:STT) will announce sales of $2.90 billion for the current quarter, according to Zacks. Three analysts have made estimates for State Street Corporation’s earnings. The lowest sales estimate is $2.85 billion and the highest is $2.93 billion. State Street Corporation reported sales of $2.62 billion in the same quarter last year, which indicates a positive year over year growth rate of 10.7%. The company is scheduled to report its next quarterly earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that State Street Corporation will report full-year sales of $2.90 billion for the current financial year, with estimates ranging from $11.16 billion to $11.63 billion. For the next year, analysts forecast that the business will report sales of $11.86 billion per share, with estimates ranging from $11.41 billion to $12.16 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover State Street Corporation.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating the consensus estimate of $1.57 by $0.10. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. State Street Corporation’s revenue for the quarter was up 9.2% on a year-over-year basis.
A number of equities analysts have commented on STT shares. Bank of America Corporation reaffirmed a “neutral” rating and issued a $88.00 price objective on shares of State Street Corporation in a report on Friday, May 26th. Goldman Sachs Group, Inc. (The) lifted their price objective on shares of State Street Corporation from $88.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, May 1st. Deutsche Bank AG decreased their price objective on shares of State Street Corporation from $81.00 to $80.00 and set a “hold” rating for the company in a report on Monday, April 24th. Keefe, Bruyette & Woods set a $88.00 price objective on shares of State Street Corporation and gave the stock a “hold” rating in a report on Wednesday, April 26th. Finally, Buckingham Research reaffirmed a “buy” rating and issued a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. State Street Corporation presently has an average rating of “Hold” and an average price target of $88.63.
Shares of State Street Corporation (NYSE:STT) opened at 94.28 on Thursday. The stock has a market cap of $35.27 billion, a P/E ratio of 17.41 and a beta of 1.30. State Street Corporation has a 52-week low of $67.55 and a 52-week high of $96.26. The company has a 50-day moving average of $91.60 and a 200 day moving average of $83.44.
State Street Corporation announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in outstanding shares. This buyback authorization authorizes the asset manager to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be paid a dividend of $0.42 per share. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Friday, September 29th. State Street Corporation’s payout ratio is currently 28.15%.
In related news, EVP Jeffrey N. Carp sold 2,656 shares of State Street Corporation stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $233,409.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Joseph L. Hooley sold 5,666 shares of State Street Corporation stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $497,928.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,069 shares of company stock worth $1,422,969. Company insiders own 0.64% of the company’s stock.
Large investors have recently modified their holdings of the stock. Pinnacle Bank bought a new stake in shares of State Street Corporation during the first quarter worth $129,000. Vanguard Group Inc. boosted its stake in shares of State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock worth $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. Ledyard National Bank boosted its stake in shares of State Street Corporation by 72.0% in the first quarter. Ledyard National Bank now owns 3,368 shares of the asset manager’s stock worth $268,000 after buying an additional 1,410 shares in the last quarter. CAPROCK Group Inc. boosted its stake in shares of State Street Corporation by 2.3% in the first quarter. CAPROCK Group Inc. now owns 3,651 shares of the asset manager’s stock worth $291,000 after buying an additional 81 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted its stake in shares of State Street Corporation by 4.2% in the first quarter. State of Wisconsin Investment Board now owns 452,712 shares of the asset manager’s stock worth $36,040,000 after buying an additional 18,391 shares in the last quarter. Institutional investors and hedge funds own 88.62% of the company’s stock.
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About State Street Corporation
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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