Brokerages Expect State Street Corp (NYSE:STT) Will Post Quarterly Sales of $2.95 Billion

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Equities analysts expect State Street Corp (NYSE:STT) to report $2.95 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for State Street’s earnings. The lowest sales estimate is $2.85 billion and the highest is $3.01 billion. State Street posted sales of $3.03 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 2.6%. The company is expected to issue its next quarterly earnings report on Friday, July 19th.

On average, analysts expect that State Street will report full-year sales of $11.72 billion for the current year, with estimates ranging from $11.57 billion to $11.93 billion. For the next fiscal year, analysts anticipate that the company will report sales of $12.15 billion, with estimates ranging from $11.95 billion to $12.48 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow 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 (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $2.92 billion. During the same quarter last year, the firm posted $1.62 EPS. The company’s quarterly revenue was down 4.1% on a year-over-year basis.

STT has been the subject of several research reports. Bank of America reaffirmed a “buy” rating and set a $65.00 price target (down previously from $75.00) on shares of State Street in a report on Thursday, June 6th. Zacks Investment Research raised State Street from a “sell” rating to a “hold” rating in a research report on Monday, March 25th. ValuEngine downgraded State Street from a “sell” rating to a “strong sell” rating in a research report on Friday, March 1st. Buckingham Research cut their price target on State Street from $83.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Keefe, Bruyette & Woods downgraded State Street from a “market perform” rating to an “underperform” rating and cut their price target for the stock from $72.00 to $70.00 in a research report on Sunday, February 24th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. State Street has a consensus rating of “Hold” and an average price target of $75.70.

State Street stock traded down $0.05 during mid-day trading on Tuesday, hitting $54.98. 19,535 shares of the company’s stock traded hands, compared to its average volume of 2,746,832. State Street has a fifty-two week low of $53.53 and a fifty-two week high of $99.08. The company has a market capitalization of $20.48 billion, a price-to-earnings ratio of 7.60, a P/E/G ratio of 0.81 and a beta of 1.46. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.45 and a quick ratio of 0.45.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend is Friday, June 28th. State Street’s dividend payout ratio is currently 26.04%.

In other State Street news, Director Gregory L. Summe bought 3,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were purchased at an average cost of $64.50 per share, for a total transaction of $193,500.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $63.22, for a total value of $1,580,500.00. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of STT. Kayne Anderson Rudnick Investment Management LLC increased its position in State Street by 32.3% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 96,718 shares of the asset manager’s stock worth $6,365,000 after acquiring an additional 23,602 shares during the period. Marshall Wace North America L.P. bought a new position in State Street in the first quarter valued at about $3,864,000. Marshall Wace LLP bought a new position in State Street in the first quarter valued at about $14,085,000. Cerebellum GP LLC grew its position in State Street by 25.6% in the first quarter. Cerebellum GP LLC now owns 5,070 shares of the asset manager’s stock valued at $334,000 after acquiring an additional 1,032 shares during the last quarter. Finally, Allstate Corp bought a new stake in shares of State Street during the first quarter worth about $524,000. Hedge funds and other institutional investors own 89.63% of the company’s stock.

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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