Zacks: Analysts Expect State Street Corp (STT) Will Post Quarterly Sales of $3.08 Billion

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Analysts expect that State Street Corp (NYSE:STT) will announce $3.08 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for State Street’s earnings, with estimates ranging from $3.04 billion to $3.14 billion. State Street reported sales of $2.81 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 9.6%. The business is expected to report its next quarterly earnings results on Wednesday, July 25th.

On average, analysts expect that State Street will report full-year sales of $12.27 billion for the current financial year, with estimates ranging from $12.15 billion to $12.41 billion. For the next financial year, analysts expect that the company will post sales of $12.75 billion per share, with estimates ranging from $12.55 billion to $13.07 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow State Street.

State Street (NYSE:STT) last issued its earnings results on Friday, April 20th. The asset manager reported $1.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.04. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3 billion. State Street had a return on equity of 14.23% and a net margin of 19.07%. State Street’s revenue was up 13.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.21 earnings per share.

STT has been the subject of several recent analyst reports. Deutsche Bank decreased their target price on State Street from $114.00 to $108.00 and set a “hold” rating for the company in a research report on Friday, April 6th. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Thursday, May 3rd. Sandler O’Neill reaffirmed a “hold” rating and issued a $104.00 target price on shares of State Street in a research report on Monday, April 9th. Keefe, Bruyette & Woods set a $115.00 target price on State Street and gave the stock a “buy” rating in a research report on Wednesday, April 4th. Finally, ValuEngine cut State Street from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $111.29.

In other State Street news, EVP Karen C. Keenan sold 851 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total transaction of $85,763.78. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeff D. Conway sold 288 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $100.78, for a total value of $29,024.64. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. HBK Sorce Advisory LLC bought a new position in State Street during the fourth quarter valued at about $653,000. Deutsche Bank AG raised its holdings in State Street by 44.5% during the fourth quarter. Deutsche Bank AG now owns 1,075,508 shares of the asset manager’s stock valued at $104,975,000 after buying an additional 331,230 shares in the last quarter. Unio Capital LLC bought a new position in State Street during the fourth quarter valued at about $532,000. Baird Financial Group Inc. raised its holdings in State Street by 10.9% during the fourth quarter. Baird Financial Group Inc. now owns 10,348 shares of the asset manager’s stock valued at $1,010,000 after buying an additional 1,015 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in State Street by 8.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 222,003 shares of the asset manager’s stock valued at $21,670,000 after buying an additional 16,689 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Shares of State Street opened at $98.14 on Friday, Marketbeat.com reports. The firm has a market capitalization of $35.88 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 1.26 and a beta of 1.27. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.57. State Street has a 12 month low of $86.80 and a 12 month high of $114.27.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 17th. Investors of record on Monday, July 2nd will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, June 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.71%. State Street’s dividend payout ratio is 28.19%.

State Street Company Profile

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

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