State Street Corp (STT) Expected to Post Quarterly Sales of $3.02 Billion
Brokerages expect State Street Corp (NYSE:STT) to post sales of $3.02 billion for the current quarter, according to Zacks. Four analysts have issued estimates for State Street’s earnings. The lowest sales estimate is $2.99 billion and the highest is $3.06 billion. State Street posted sales of $2.78 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 8.6%. The company is scheduled to issue its next earnings report on Wednesday, April 25th.
According to Zacks, analysts expect that State Street will report full-year sales of $3.02 billion for the current financial year, with estimates ranging from $12.09 billion to $12.49 billion. For the next fiscal year, analysts expect that the firm will post sales of $12.76 billion per share, with estimates ranging from $12.63 billion to $12.92 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover State Street.
State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.10). The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.98 billion. State Street had a return on equity of 13.41% and a net margin of 17.94%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.48 earnings per share.
Shares of State Street (STT) traded up $1.47 during trading hours on Wednesday, hitting $100.01. The stock had a trading volume of 1,791,934 shares, compared to its average volume of 1,960,725. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.49 and a quick ratio of 0.48. The firm has a market capitalization of $36,228.23, a price-to-earnings ratio of 15.35, a PEG ratio of 1.64 and a beta of 1.31. State Street has a 12-month low of $75.27 and a 12-month high of $114.27.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend was Friday, December 29th. State Street’s dividend payout ratio (DPR) is currently 32.12%.
In other State Street news, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $92.00, for a total transaction of $32,568.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.71% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Timber Hill LLC acquired a new position in State Street during the fourth quarter worth $1,198,000. Baird Financial Group Inc. boosted its stake in State Street by 10.9% during the fourth quarter. Baird Financial Group Inc. now owns 10,348 shares of the asset manager’s stock worth $1,010,000 after buying an additional 1,015 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its stake in State Street by 62.4% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 43,354 shares of the asset manager’s stock worth $4,232,000 after buying an additional 16,653 shares during the last quarter. American International Group Inc. boosted its stake in State Street by 6.9% during the fourth quarter. American International Group Inc. now owns 119,214 shares of the asset manager’s stock worth $11,636,000 after buying an additional 7,719 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in State Street by 11.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,244,200 shares of the asset manager’s stock worth $121,446,000 after buying an additional 125,800 shares during the last quarter. 86.95% of the stock is currently owned by institutional investors.
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State Street 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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