Wall Street brokerages forecast that State Street Corp (NYSE:STT) will report $2.95 billion in sales for the current quarter, Zacks reports. Four analysts have issued estimates for State Street’s earnings, with the highest sales estimate coming in at $3.01 billion and the lowest estimate coming in at $2.85 billion. State Street posted sales of $3.03 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 2.6%. The company is expected to report its next earnings results on Friday, July 19th.
On average, analysts expect that State Street will report full year sales of $11.72 billion for the current year, with estimates ranging from $11.57 billion to $11.93 billion. For the next fiscal year, analysts forecast that the company will post sales of $12.15 billion, with estimates ranging from $11.95 billion to $12.48 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover State Street.
State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.05. State Street had a return on equity of 13.44% and a net margin of 18.77%. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter in the prior year, the company posted $1.62 earnings per share. State Street’s revenue was down 4.1% compared to the same quarter last year.
In other State Street news, Director Gregory L. Summe acquired 3,000 shares of State Street stock in a transaction on Tuesday, May 7th. The stock was purchased at an average price of $64.50 per share, for a total transaction of $193,500.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jeffrey N. Carp sold 25,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $63.22, for a total value of $1,580,500.00. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in STT. Goelzer Investment Management Inc. purchased a new position in shares of State Street during the 1st quarter valued at $316,000. CX Institutional lifted its position in shares of State Street by 421.6% during the 1st quarter. CX Institutional now owns 34,503 shares of the asset manager’s stock valued at $2,271,000 after buying an additional 27,888 shares during the last quarter. Advisor Group Inc. lifted its position in shares of State Street by 11.9% during the 4th quarter. Advisor Group Inc. now owns 24,822 shares of the asset manager’s stock valued at $1,566,000 after buying an additional 2,640 shares during the last quarter. Harvest Group Wealth Management LLC purchased a new position in shares of State Street during the 1st quarter valued at $28,000. Finally, Rothschild & Co. Asset Management US Inc. lifted its position in shares of State Street by 0.6% during the 1st quarter. Rothschild & Co. Asset Management US Inc. now owns 804,362 shares of the asset manager’s stock valued at $52,935,000 after buying an additional 4,529 shares during the last quarter. Hedge funds and other institutional investors own 89.63% of the company’s stock.
State Street stock traded up $0.33 during trading on Tuesday, hitting $55.36. 2,531,713 shares of the company were exchanged, compared to its average volume of 2,745,989. State Street has a 52 week low of $53.53 and a 52 week high of $99.08. The company has a market capitalization of $20.66 billion, a P/E ratio of 7.67, a price-to-earnings-growth ratio of 0.83 and a beta of 1.46. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.52.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st will be paid a $0.47 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.88 dividend on an annualized basis and a yield of 3.40%. State Street’s dividend payout ratio (DPR) is presently 26.04%.
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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