Brokerages expect State Street Corporation (NYSE:STT) to announce $1.59 earnings per share for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for State Street Corporation’s earnings, with estimates ranging from $1.55 to $1.62. State Street Corporation posted earnings of $1.35 per share in the same quarter last year, which would suggest a positive year over year growth rate of 17.8%. The firm is scheduled to announce its next earnings results before the market opens on Wednesday, October 25th.
According to Zacks, analysts expect that State Street Corporation will report full year earnings of $6.11 per share for the current year, with EPS estimates ranging from $5.95 to $6.20. For the next fiscal year, analysts anticipate that the business will post earnings of $6.83 per share, with EPS estimates ranging from $6.54 to $7.15. Zacks’ EPS averages are a mean average based on a survey of research firms that that provide coverage for State Street Corporation.
State Street Corporation (NYSE:STT) last issued its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS.
A number of brokerages recently commented on STT. Goldman Sachs Group, Inc. (The) upgraded State Street Corporation from a “buy” rating to a “conviction-buy” rating and lifted their price target for the stock from $92.00 to $100.00 in a report on Wednesday, June 28th. Wells Fargo & Company began coverage on State Street Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price target on the stock. Barclays PLC lifted their price target on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. UBS AG upgraded State Street Corporation from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $86.00 to $92.00 in a report on Monday, June 5th. Finally, BidaskClub upgraded State Street Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 22nd. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. State Street Corporation currently has a consensus rating of “Hold” and an average price target of $90.12.
Shares of State Street Corporation (STT) traded down 0.33% during trading on Friday, hitting $93.47. The stock had a trading volume of 2,205,520 shares. The company has a market capitalization of $34.95 billion, a price-to-earnings ratio of 17.26 and a beta of 1.30. The firm has a 50 day moving average of $92.74 and a 200 day moving average of $84.75. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $96.26.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a $0.42 dividend. The ex-dividend date is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.80%. State Street Corporation’s payout ratio is 28.15%.
State Street Corporation declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, Chairman Joseph L. Hooley sold 5,666 shares of State Street Corporation stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total value of $497,928.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Erickson sold 353 shares of State Street Corporation stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the transaction, the insider now owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,136 shares of company stock valued at $1,551,722. 0.64% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its position in shares of State Street Corporation by 18.0% in the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after buying an additional 172 shares during the period. Penserra Capital Management LLC bought a new position in shares of State Street Corporation during the second quarter valued at $107,000. Bronfman E.L. Rothschild L.P. boosted its position in shares of State Street Corporation by 15.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after buying an additional 168 shares during the period. State of Alaska Department of Revenue bought a new position in shares of State Street Corporation during the first quarter valued at $123,000. Finally, FTB Advisors Inc. boosted its position in shares of State Street Corporation by 15.7% in the first quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock valued at $127,000 after buying an additional 207 shares during the period. Institutional investors own 88.64% of the company’s stock.
About State Street Corporation
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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