$2.98 Billion in Sales Expected for State Street Corp (STT) This Quarter
Brokerages expect State Street Corp (NYSE:STT) to announce sales of $2.98 billion for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for State Street’s earnings, with the highest sales estimate coming in at $3.00 billion and the lowest estimate coming in at $2.95 billion. State Street reported sales of $2.53 billion during the same quarter last year, which indicates a positive year over year growth rate of 17.8%. The business is scheduled to issue its next quarterly earnings results before the market opens on Tuesday, January 23rd.
On average, analysts expect that State Street will report full year sales of $2.98 billion for the current fiscal year, with estimates ranging from $11.34 billion to $11.71 billion. For the next financial year, analysts expect that the business will report sales of $12.23 billion per share, with estimates ranging from $11.89 billion to $12.34 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover State Street.
State Street (NYSE:STT) last issued its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.10. State Street had a return on equity of 13.03% and a net margin of 20.56%. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same period last year, the company earned $1.35 earnings per share. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis.
In other news, Chairman Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total transaction of $2,315,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $92.00, for a total value of $32,568.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,724 shares of company stock valued at $2,659,741. Company insiders own 0.71% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC raised its stake in shares of State Street by 502.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,101 shares of the asset manager’s stock worth $595,000 after purchasing an additional 5,089 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of State Street by 276.8% during the 4th quarter. State of Alaska Department of Revenue now owns 43,926 shares of the asset manager’s stock worth $4,285,000 after purchasing an additional 32,268 shares in the last quarter. McCollum Christoferson Group LLC purchased a new stake in shares of State Street during the 4th quarter worth about $298,000. First National Trust Co raised its stake in shares of State Street by 26.6% during the 4th quarter. First National Trust Co now owns 39,214 shares of the asset manager’s stock worth $3,828,000 after purchasing an additional 8,243 shares in the last quarter. Finally, E&G Advisors LP purchased a new stake in shares of State Street during the 4th quarter worth about $322,000. 88.11% of the stock is owned by institutional investors.
Shares of State Street (STT) traded up $2.56 during mid-day trading on Monday, reaching $107.61. The company had a trading volume of 1,884,700 shares, compared to its average volume of 1,636,315. State Street has a fifty-two week low of $74.45 and a fifty-two week high of $108.50. The company has a market capitalization of $39,950.00, a PE ratio of 18.62, a P/E/G ratio of 1.39 and a beta of 1.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Friday, December 29th. State Street’s dividend payout ratio is currently 29.07%.
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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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