Analysts predict that State Street Co. (NYSE:STT) will report earnings of $1.73 per share for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for State Street’s earnings. The highest EPS estimate is $1.84 and the lowest is $1.68. State Street reported earnings per share of $1.88 in the same quarter last year, which would suggest a negative year-over-year growth rate of 8%. The company is expected to issue its next earnings report on Friday, July 16th.
On average, analysts expect that State Street will report full-year earnings of $7.04 per share for the current financial year, with EPS estimates ranging from $6.84 to $7.20. For the next financial year, analysts anticipate that the firm will report earnings of $8.12 per share, with EPS estimates ranging from $7.90 to $8.73. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that follow State Street.
State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, April 15th. The asset manager reported $1.47 EPS for the quarter, topping 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 firm had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.85 billion. During the same period in the prior year, the business posted $1.62 EPS. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year.
STT has been the topic of a number of research reports. Barclays increased their target price on shares of State Street from $99.00 to $104.00 and gave the stock 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 research report on Monday, January 18th. Piper Sandler increased their target price on shares of State Street from $69.00 to $81.00 and gave the company a “neutral” rating in a research report on Monday, January 11th. The Goldman Sachs Group downgraded shares of State Street from a “buy” rating to a “neutral” rating and dropped their target price for the company from $77.00 to $75.00 in a research report on Tuesday, January 5th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of State Street from $97.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, April 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $82.07.
In other State Street news, EVP Michael L. Richards sold 365 shares of the company’s stock in a transaction dated Monday, March 1st. The shares were sold at an average price of $74.61, for a total value of $27,232.65. Following the completion of the sale, the executive vice president now directly owns 24,420 shares of the company’s stock, valued at approximately $1,821,976.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrew Erickson sold 11,000 shares of the company’s stock in a transaction dated Friday, February 26th. The shares were sold at an average price of $73.30, for a total transaction of $806,300.00. Following the completion of the sale, the executive vice president now directly owns 58,997 shares of the company’s stock, valued at $4,324,480.10. The disclosure for this sale can be found here. Insiders sold 11,898 shares of company stock valued at $873,183 in the last ninety days. Corporate insiders own 0.28% of the company’s stock.
A number of hedge funds have recently bought and sold shares of STT. Hoover Financial Advisors Inc. purchased a new stake in State Street during the fourth quarter valued at about $25,000. Alpha DNA Investment Management LLC acquired a new position in shares of State Street in the 4th quarter valued at about $25,000. JJJ Advisors Inc. increased its holdings in shares of State Street by 436.8% in the 4th quarter. JJJ Advisors Inc. now owns 365 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 297 shares during the period. CVA Family Office LLC acquired a new position in State Street in the first quarter worth approximately $32,000. Finally, Alpha Paradigm Partners LLC acquired a new position in State Street in the fourth quarter worth approximately $34,000. 91.77% of the stock is owned by institutional investors.
State Street stock traded up $0.17 during mid-day trading on Tuesday, reaching $84.85. 2,638,905 shares of the company’s stock were exchanged, compared to its average volume of 2,844,031. The company has a market cap of $29.51 billion, a P/E ratio of 12.71, a P/E/G ratio of 1.11 and a beta of 1.60. State Street has a twelve month low of $51.21 and a twelve month high of $87.89. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average of $83.60 and a 200-day moving average of $74.89.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Tuesday, June 1st will be issued a $28.125 dividend. The ex-dividend date of this dividend is Friday, May 28th. This represents a $112.50 annualized dividend and a yield of 132.59%. This is an increase from State Street’s previous quarterly dividend of $0.52. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.