State Street Corp (NYSE:STT) Expected to Announce Earnings of $1.43 Per Share

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Equities research analysts expect State Street Corp (NYSE:STT) to post $1.43 earnings per share for the current quarter, according to Zacks. Four analysts have made estimates for State Street’s earnings, with the highest EPS estimate coming in at $1.57 and the lowest estimate coming in at $1.34. State Street posted earnings of $1.87 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 23.5%. The business is scheduled to report its next earnings report before the market opens on Friday, October 18th.

On average, analysts expect that State Street will report full-year earnings of $5.72 per share for the current fiscal year, with EPS estimates ranging from $5.60 to $5.83. For the next year, analysts expect that the company will post earnings of $6.14 per share, with EPS estimates ranging from $5.45 to $6.70. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover State Street.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.05. State Street had a net margin of 17.66% and a return on equity of 12.13%. The firm had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the previous year, the company earned $2.05 EPS. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year.

A number of research firms recently commented on STT. Royal Bank of Canada dropped their price target on shares of State Street from $80.00 to $65.00 and set a “sector perform” rating for the company in a research note on Wednesday, June 19th. UBS Group lifted their price target on shares of State Street from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Buckingham Research dropped their price target on shares of State Street from $83.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. Morgan Stanley dropped their price target on shares of State Street from $58.00 to $55.00 and set an “underweight” rating for the company in a research note on Friday, October 4th. Finally, ValuEngine raised shares of State Street from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Three 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 stock. The company has a consensus rating of “Hold” and an average price target of $67.75.

In related news, Director Saint-Aignan Patrick De acquired 500 shares of the stock in a transaction on Monday, July 22nd. The stock was bought at an average cost of $58.85 per share, with a total value of $29,425.00. Following the transaction, the director now directly owns 28,793 shares in the company, valued at $1,694,468.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey N. Carp sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total transaction of $1,293,000.00. The disclosure for this sale can be found here. Over the last three months, insiders acquired 11,000 shares of company stock valued at $577,375. 0.40% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in STT. Norinchukin Bank The lifted its position in shares of State Street by 0.7% in the 1st quarter. Norinchukin Bank The now owns 29,898 shares of the asset manager’s stock worth $1,968,000 after purchasing an additional 200 shares during the period. Resources Investment Advisors Inc. lifted its position in shares of State Street by 28.7% in the 1st quarter. Resources Investment Advisors Inc. now owns 919 shares of the asset manager’s stock worth $60,000 after purchasing an additional 205 shares during the period. McGuire Investment Group LLC lifted its position in shares of State Street by 0.8% in the 2nd quarter. McGuire Investment Group LLC now owns 27,353 shares of the asset manager’s stock worth $1,533,000 after purchasing an additional 212 shares during the period. Oregon Public Employees Retirement Fund lifted its position in shares of State Street by 0.6% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 40,225 shares of the asset manager’s stock worth $2,255,000 after purchasing an additional 236 shares during the period. Finally, NuWave Investment Management LLC lifted its position in shares of State Street by 50.8% in the 2nd quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock worth $42,000 after purchasing an additional 250 shares during the period. 89.84% of the stock is owned by institutional investors.

Shares of STT stock traded up $0.51 during trading hours on Wednesday, reaching $55.66. 1,418,900 shares of the stock were exchanged, compared to its average volume of 2,871,692. State Street has a 12-month low of $48.62 and a 12-month high of $86.79. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average price is $55.51 and its 200-day moving average price is $59.00. The firm has a market capitalization of $21.19 billion, a price-to-earnings ratio of 7.71, a price-to-earnings-growth ratio of 0.93 and a beta of 1.51.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.74%. This is a boost from State Street’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, September 30th. State Street’s payout ratio is 28.81%.

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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