Wall Street brokerages expect State Street Corporation (NYSE:STT) to report $2.97 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for State Street Corporation’s earnings, with the highest sales estimate coming in at $2.99 billion and the lowest estimate coming in at $2.96 billion. State Street Corporation posted sales of $2.53 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 17.4%. The company is scheduled to issue its next earnings results on Wednesday, January 24th.
On average, analysts expect that State Street Corporation will report full-year sales of $2.97 billion for the current fiscal year, with estimates ranging from $11.31 billion to $11.71 billion. For the next financial year, analysts anticipate that the firm will report sales of $12.16 billion per share, with estimates ranging from $11.71 billion to $12.32 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow State Street Corporation.
State Street Corporation (NYSE:STT) last posted its quarterly earnings data on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.10. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. State Street Corporation had a return on equity of 13.03% and a net margin of 20.56%. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.35 EPS.
A number of research analysts have commented on the company. ValuEngine downgraded State Street Corporation from a “buy” rating to a “hold” rating in a research note on Friday. Zacks Investment Research cut State Street Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Wells Fargo & Company assumed coverage on State Street Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price objective for the company. Barclays PLC boosted their price objective on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and issued a $102.00 price target (up previously from $88.00) on shares of State Street Corporation in a report on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $97.07.
In related news, Chairman Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total value of $2,315,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total transaction of $296,448.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,814 shares of company stock valued at $2,668,773. Company insiders own 0.71% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of State Street Corporation by 1.9% during the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after purchasing an additional 448,658 shares during the period. FMR LLC raised its holdings in shares of State Street Corporation by 10.8% during the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after purchasing an additional 1,940,536 shares during the period. Longview Partners Guernsey LTD raised its holdings in shares of State Street Corporation by 6.5% in the 3rd quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock worth $770,313,000 after acquiring an additional 493,244 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of State Street Corporation by 0.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,349,477 shares of the asset manager’s stock worth $415,547,000 after acquiring an additional 13,453 shares during the last quarter. Finally, Capital International Investors raised its holdings in shares of State Street Corporation by 33.3% in the 2nd quarter. Capital International Investors now owns 3,533,631 shares of the asset manager’s stock worth $317,073,000 after acquiring an additional 883,431 shares during the last quarter. 87.85% of the stock is currently owned by institutional investors and hedge funds.
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Shares of State Street Corporation (NYSE:STT) opened at $90.65 on Friday. The stock has a market capitalization of $33,660.85, a price-to-earnings ratio of 14.95, a PEG ratio of 1.55 and a beta of 1.36. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street Corporation has a 52-week low of $74.45 and a 52-week high of $99.99.
State Street Corporation 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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