Equities analysts forecast that State Street Corp (NYSE:STT) will post sales of $3.02 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for State Street’s earnings, with the lowest sales estimate coming in at $3.00 billion and the highest estimate coming in at $3.06 billion. State Street posted sales of $2.78 billion during the same quarter last year, which would indicate a positive year over year growth rate of 8.6%. The firm is scheduled to issue its next earnings results on Wednesday, April 25th.
According to Zacks, analysts expect that State Street will report full-year sales of $3.02 billion for the current year, with estimates ranging from $12.16 billion to $12.49 billion. For the next financial year, analysts forecast that the business will report sales of $12.77 billion per share, with estimates ranging from $12.59 billion to $12.92 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover State Street.
State Street (NYSE:STT) last released its earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.10). State Street had a return on equity of 13.41% and a net margin of 17.94%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.98 billion. During the same quarter in the previous year, the business earned $1.48 EPS. The business’s revenue for the quarter was up 8.5% on a year-over-year basis.
State Street (STT) opened at $108.83 on Tuesday. State Street has a 12-month low of $75.27 and a 12-month high of $114.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.49 and a current ratio of 0.49. The stock has a market capitalization of $40,360.00, a price-to-earnings ratio of 18.38, a PEG ratio of 1.43 and a beta of 1.29.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Monday, April 2nd will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Thursday, March 29th. State Street’s payout ratio is currently 28.38%.
In related news, EVP George E. Sullivan sold 3,495 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $103.07, for a total transaction of $360,229.65. Following the sale, the executive vice president now owns 58,340 shares of the company’s stock, valued at $6,013,103.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jeff D. Conway sold 747 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $103.07, for a total value of $76,993.29. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,531 shares of company stock worth $5,146,169. 0.71% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of STT. Capital International Investors boosted its position in State Street by 63.3% during the third quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock valued at $551,383,000 after purchasing an additional 2,237,595 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in State Street by 44.8% during the third quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock valued at $427,133,000 after purchasing an additional 1,383,249 shares in the last quarter. Old Mutual Global Investors UK Ltd. boosted its position in State Street by 247.9% during the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 1,717,897 shares of the asset manager’s stock valued at $167,683,000 after purchasing an additional 1,224,171 shares in the last quarter. JPMorgan Chase & Co. boosted its position in State Street by 27.7% during the third quarter. JPMorgan Chase & Co. now owns 2,908,094 shares of the asset manager’s stock valued at $278,625,000 after purchasing an additional 630,368 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. boosted its position in State Street by 65.9% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,154,778 shares of the asset manager’s stock valued at $112,719,000 after purchasing an additional 458,599 shares in the last quarter. 89.15% of the stock is currently owned by institutional investors.
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State Street Company Profile
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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