State Street Corp (STT) Expected to Post Earnings of $1.65 Per Share

Analysts expect State Street Corp (NYSE:STT) to report $1.65 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for State Street’s earnings, with estimates ranging from $1.54 to $1.78. State Street reported earnings per share of $2.05 during the same quarter last year, which suggests a negative year over year growth rate of 19.5%. The firm is expected to issue its next quarterly earnings report on Friday, July 19th.

According to Zacks, analysts expect that State Street will report full-year earnings of $6.48 per share for the current financial year, with EPS estimates ranging from $6.12 to $6.75. For the next fiscal year, analysts expect that the business will report earnings of $7.29 per share, with EPS estimates ranging from $6.66 to $7.65. Zacks’ EPS calculations are an average based on a survey of research 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 for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $2.92 billion. During the same quarter last year, the business posted $1.62 earnings per share. The business’s revenue for the quarter was down 4.1% on a year-over-year basis.

A number of research analysts have recently weighed in on the company. ValuEngine cut State Street from a “sell” rating to a “strong sell” rating in a research report on Friday, March 1st. Keefe, Bruyette & Woods cut State Street from a “market perform” rating to an “underperform” rating and dropped their price target for the company from $72.00 to $70.00 in a research report on Sunday, February 24th. Credit Suisse Group dropped their price target on State Street from $80.00 to $75.00 and set a “neutral” rating for the company in a research report on Tuesday, January 22nd. Goldman Sachs Group cut State Street from a “buy” rating to a “neutral” rating and set a $71.30 price target for the company. in a research report on Tuesday, January 22nd. Finally, Wells Fargo & Co cut State Street from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. State Street presently has a consensus rating of “Hold” and an average price target of $82.72.

In other news, insider Andrew Erickson sold 861 shares of State Street stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $69.45, for a total value of $59,796.45. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Andrew P. Kuritzkes sold 7,689 shares of State Street stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $69.97, for a total value of $537,999.33. Following the completion of the transaction, the executive vice president now directly owns 25,978 shares in the company, valued at $1,817,680.66. The disclosure for this sale can be found here. Insiders sold a total of 74,389 shares of company stock worth $5,300,338 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STT. Parallel Advisors LLC increased its holdings in State Street by 17.3% during the 4th quarter. Parallel Advisors LLC now owns 1,012 shares of the asset manager’s stock worth $63,000 after purchasing an additional 149 shares during the last quarter. Kaizen Advisory LLC increased its holdings in State Street by 18.0% during the 4th quarter. Kaizen Advisory LLC now owns 1,044 shares of the asset manager’s stock worth $66,000 after purchasing an additional 159 shares during the last quarter. Strategic Wealth Partners Ltd. increased its holdings in shares of State Street by 45.6% in the 4th quarter. Strategic Wealth Partners Ltd. now owns 514 shares of the asset manager’s stock valued at $35,000 after acquiring an additional 161 shares during the last quarter. Anchor Capital Advisors LLC increased its holdings in shares of State Street by 2.0% in the 4th quarter. Anchor Capital Advisors LLC now owns 8,420 shares of the asset manager’s stock valued at $531,000 after acquiring an additional 169 shares during the last quarter. Finally, Sowell Financial Services LLC increased its holdings in shares of State Street by 3.2% in the 4th quarter. Sowell Financial Services LLC now owns 5,514 shares of the asset manager’s stock valued at $348,000 after acquiring an additional 172 shares during the last quarter. 88.35% of the stock is currently owned by institutional investors and hedge funds.

Shares of STT stock opened at $67.14 on Wednesday. State Street has a fifty-two week low of $57.87 and a fifty-two week high of $103.15. The firm has a market capitalization of $25.31 billion, a PE ratio of 9.30, a PEG ratio of 0.97 and a beta of 1.38. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.45 and a quick ratio of 0.53.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.80%. The ex-dividend date was Friday, March 29th. State Street’s dividend payout ratio is currently 26.04%.

About State Street

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

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