Wall Street analysts expect that State Street Co. (NYSE:STT) will announce sales of $2.91 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for State Street’s earnings, with estimates ranging from $2.90 billion to $2.92 billion. State Street posted sales of $2.94 billion in the same quarter last year, which suggests a negative year over year growth rate of 1%. The firm is scheduled to issue its next quarterly earnings report on Friday, July 16th.
According to Zacks, analysts expect that State Street will report full year sales of $11.72 billion for the current financial year, with estimates ranging from $11.68 billion to $11.79 billion. For the next fiscal year, analysts expect that the firm will post sales of $11.98 billion, with estimates ranging from $11.86 billion to $12.14 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for State Street.
State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, April 15th. The asset manager reported $1.47 EPS for the quarter, beating the consensus estimate of $1.35 by $0.12. State Street had a net margin of 20.75% and a return on equity of 12.24%. The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.85 billion. During the same quarter in the previous year, the business posted $1.62 EPS. The company’s quarterly revenue was down 3.8% compared to the same quarter last year.
Several equities analysts recently issued reports on STT shares. Royal Bank of Canada upped their target price on State Street from $78.00 to $86.00 and gave the company a “sector perform” rating in a research report on Wednesday, January 20th. Piper Sandler upped their target price on State Street from $69.00 to $81.00 and gave the company a “neutral” rating in a research report on Monday, January 11th. Barclays upped their price target on shares of State Street from $99.00 to $104.00 and gave the company an “overweight” rating in a report on Wednesday, April 7th. Zacks Investment Research downgraded shares of State Street from a “buy” rating to a “hold” rating and set a $82.00 price objective on the stock. in a report on Monday, January 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on State Street from $97.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, April 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. State Street currently has an average rating of “Hold” and an average target price of $82.07.
In related news, EVP Andrew Erickson sold 11,000 shares of the firm’s stock in a transaction that occurred on Friday, February 26th. The stock was sold at an average price of $73.30, for a total transaction of $806,300.00. Following the transaction, the executive vice president now owns 58,997 shares in the company, valued at approximately $4,324,480.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael L. Richards sold 365 shares of the firm’s stock in a transaction that occurred on Monday, March 1st. The stock was sold at an average price of $74.61, for a total value of $27,232.65. Following the transaction, the executive vice president now owns 24,420 shares in the company, valued at approximately $1,821,976.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,898 shares of company stock valued at $873,183. Company insiders own 0.28% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its stake in State Street by 143.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 358,442 shares of the asset manager’s stock worth $30,113,000 after buying an additional 210,980 shares during the last quarter. Laurel Wealth Advisors LLC purchased a new position in shares of State Street in the 1st quarter valued at approximately $50,000. Private Wealth Partners LLC grew its stake in shares of State Street by 15.3% in the 1st quarter. Private Wealth Partners LLC now owns 35,495 shares of the asset manager’s stock valued at $2,982,000 after purchasing an additional 4,705 shares during the last quarter. Robeco Schweiz AG grew its stake in shares of State Street by 43.2% in the 1st quarter. Robeco Schweiz AG now owns 60,816 shares of the asset manager’s stock valued at $5,109,000 after purchasing an additional 18,336 shares during the last quarter. Finally, Ieq Capital LLC purchased a new position in shares of State Street in the 1st quarter valued at approximately $215,000. Hedge funds and other institutional investors own 91.77% of the company’s stock.
NYSE STT traded up $0.17 on Thursday, hitting $84.85. The stock had a trading volume of 2,638,905 shares, compared to its average volume of 2,844,031. The business’s fifty day moving average price is $83.60 and its 200 day moving average price is $74.89. The stock has a market cap of $29.51 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.11 and a beta of 1.60. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.50 and a quick ratio of 0.50. State Street has a 52-week low of $51.21 and a 52-week high of $87.89.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 15th. Shareholders of record on Tuesday, June 1st will be issued a $28.125 dividend. This is a boost from State Street’s previous quarterly dividend of $0.52. This represents a $112.50 annualized dividend and a yield of 132.59%. The ex-dividend date of this dividend is Friday, May 28th. State Street’s dividend payout ratio is presently 33.71%.
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 accounting; daily pricing and administration; master trust and master custody; depotbank; 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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