Wall Street analysts forecast that State Street Corp (NYSE:STT) will report earnings per share of $2.02 for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for State Street’s earnings, with the highest EPS estimate coming in at $2.08 and the lowest estimate coming in at $1.97. State Street reported earnings per share of $1.67 in the same quarter last year, which would suggest a positive year-over-year growth rate of 21%. The business is scheduled to report its next earnings report on Wednesday, July 25th.
On average, analysts expect that State Street will report full-year earnings of $7.78 per share for the current fiscal year, with EPS estimates ranging from $7.55 to $7.97. For the next fiscal year, analysts expect that the company will report earnings of $8.52 per share, with EPS estimates ranging from $8.25 to $8.75. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for State Street.
State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 20th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.04. The firm had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3 billion. State Street had a net margin of 19.07% and a return on equity of 14.23%. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period last year, the business posted $1.21 earnings per share.
STT has been the topic of several recent research reports. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Thursday, May 3rd. Deutsche Bank raised shares of State Street from a “hold” rating to a “buy” rating and set a $108.00 price objective on the stock in a research note on Monday, April 23rd. Keefe, Bruyette & Woods set a $115.00 price objective on shares of State Street and gave the company a “buy” rating in a research note on Wednesday, April 4th. Buckingham Research lifted their price objective on shares of State Street from $124.00 to $131.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Finally, ValuEngine raised shares of State Street from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. State Street presently has an average rating of “Buy” and an average price target of $110.27.
STT stock traded up $0.29 during mid-day trading on Friday, hitting $100.71. 1,814,900 shares of the company were exchanged, compared to its average volume of 1,740,189. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $36.66 billion, a PE ratio of 16.90, a price-to-earnings-growth ratio of 1.29 and a beta of 1.32. State Street has a 1-year low of $80.73 and a 1-year high of $114.27.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 17th. Stockholders of record on Monday, July 2nd will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, June 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.67%. State Street’s dividend payout ratio (DPR) is presently 28.19%.
In related news, EVP Karen C. Keenan sold 851 shares of the business’s stock in a transaction on Wednesday, May 16th. The shares were sold at an average price of $100.78, for a total value of $85,763.78. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Elizabeth Schaefer sold 1,473 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $105.00, for a total transaction of $154,665.00. Following the completion of the transaction, the chief accounting officer now owns 9,362 shares in the company, valued at approximately $983,010. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,860 shares of company stock worth $1,377,980. 0.40% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in STT. Old Mutual Global Investors UK Ltd. lifted its holdings in State Street by 247.9% in 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 buying an additional 1,224,171 shares during the period. Lord Abbett & CO. LLC acquired a new position in State Street in the first quarter valued at $73,652,000. Robeco Institutional Asset Management B.V. lifted its holdings in State Street by 371.7% in the first quarter. Robeco Institutional Asset Management B.V. now owns 845,363 shares of the asset manager’s stock valued at $84,323,000 after buying an additional 666,148 shares during the period. Amundi Pioneer Asset Management Inc. lifted its holdings in State Street by 65.9% in 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 buying an additional 458,599 shares during the period. Finally, Cornerstone Investment Partners LLC lifted its holdings in State Street by 88.6% in the fourth quarter. Cornerstone Investment Partners LLC now owns 956,550 shares of the asset manager’s stock valued at $93,369,000 after buying an additional 449,369 shares during the period. Institutional investors and hedge funds own 87.95% of the company’s stock.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company 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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