State Street Corp (NYSE:STT) Expected to Post Earnings of $1.43 Per Share

Brokerages expect State Street Corp (NYSE:STT) to announce earnings of $1.43 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 $1.57 and the lowest is $1.33. State Street reported earnings per share of $1.87 in the same quarter last year, which would suggest a negative year over year growth rate of 23.5%. The company is scheduled to issue its next quarterly earnings results on Friday, October 18th.

According to Zacks, analysts expect that State Street will report full year earnings of $5.73 per share for the current fiscal year, with EPS estimates ranging from $5.60 to $5.81. For the next fiscal year, analysts anticipate that the firm will report earnings of $6.21 per share, with EPS estimates ranging from $5.49 to $6.70. Zacks’ EPS averages are a mean average based on a survey of research firms that cover State Street.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.05. The business had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a net margin of 17.66% and a return on equity of 12.13%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the company posted $2.05 earnings per share.

A number of equities research analysts have commented on the stock. Buckingham Research reduced their price target on shares of State Street from $83.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, June 12th. Deutsche Bank reduced their price target on shares of State Street from $60.00 to $55.00 and set a “hold” rating for the company in a report on Friday, August 9th. Morgan Stanley cut shares of State Street from an “overweight” rating to an “underweight” rating and reduced their price target for the stock from $69.00 to $55.00 in a report on Monday, July 8th. Raymond James raised their price target on shares of State Street from $68.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Co reduced their price objective on shares of State Street from $75.00 to $63.00 and set a “market perform” rating for the company in a report on Wednesday, June 12th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $68.42.

In other news, EVP Jeffrey N. Carp sold 25,000 shares of State Street stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total transaction of $1,293,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Saint-Aignan Patrick De acquired 1,500 shares of State Street stock in a transaction dated Thursday, August 1st. The shares were acquired at an average price of $57.75 per share, with a total value of $86,625.00. Following the completion of the acquisition, the director now directly owns 29,293 shares of the company’s stock, valued at $1,691,670.75. The disclosure for this purchase can be found here. Insiders have bought 3,500 shares of company stock valued at $199,745 over the last quarter. Corporate insiders own 0.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of STT. Longview Partners Guernsey LTD grew its holdings in shares of State Street by 34.2% during the second quarter. Longview Partners Guernsey LTD now owns 20,398,955 shares of the asset manager’s stock valued at $1,143,565,000 after buying an additional 5,203,360 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of State Street by 24.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 11,962,313 shares of the asset manager’s stock valued at $670,607,000 after purchasing an additional 2,323,171 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of State Street by 21,541.7% during the second quarter. Nuveen Asset Management LLC now owns 2,087,558 shares of the asset manager’s stock valued at $117,029,000 after purchasing an additional 2,077,912 shares in the last quarter. BlackRock Inc. lifted its position in shares of State Street by 7.0% during the second quarter. BlackRock Inc. now owns 30,035,664 shares of the asset manager’s stock valued at $1,683,799,000 after purchasing an additional 1,975,332 shares in the last quarter. Finally, Coho Partners Ltd. lifted its position in shares of State Street by 44.3% during the first quarter. Coho Partners Ltd. now owns 2,821,105 shares of the asset manager’s stock valued at $185,657,000 after purchasing an additional 866,392 shares in the last quarter. Hedge funds and other institutional investors own 89.41% of the company’s stock.

NYSE:STT traded up $1.39 during trading hours on Friday, reaching $50.20. The company had a trading volume of 2,301,500 shares, compared to its average volume of 3,480,321. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.52. The firm has a market cap of $18.49 billion, a price-to-earnings ratio of 6.95, a P/E/G ratio of 0.81 and a beta of 1.43. The business’s 50-day simple moving average is $55.85 and its two-hundred day simple moving average is $62.94. State Street has a twelve month low of $48.62 and a twelve month high of $90.20.

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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Earnings History and Estimates for State Street (NYSE:STT)

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