Brokers expect State Street Co. (NYSE:STT – Get a rating) will report earnings per share (EPS) of $1.87 for the current quarter, Zacks reports. Five analysts made State Street earnings estimates. The lowest EPS estimate is $1.79 and the highest is $1.97. State Street reported earnings per share of $1.97 in the same quarter last year, suggesting a negative 5.1% year-over-year growth rate. The company is expected to announce its next earnings report on Monday, January 1.
On average, analysts expect State Street to report annual earnings of $7.80 per share for the current fiscal year, with EPS estimates ranging from $7.44 to $8.10. For next year, analysts expect the company to post earnings of $9.76 per share, with EPS estimates ranging from $8.50 to $10.40. Zacks earnings per share averages are an average based on a survey of analysts who cover State Street.
State Street (NYSE: STT – Get a rating) last reported results on Thursday, April 14. The asset manager reported EPS of $1.59 for the quarter, beating the consensus estimate of $1.47 by $0.12. The company posted revenue of $3.08 billion in the quarter, versus $3.03 billion expected by analysts. State Street had a net margin of 22.82% and a return on equity of 11.59%. The company’s revenue for the quarter increased by 4.4% compared to the same quarter last year. In the same quarter a year earlier, the company posted EPS of $1.47.
A number of analysts have recently commented on STT shares. Morgan Stanley lowered its price target on State Street shares from $123.00 to $112.00 and set an “overweight” rating for the company in a Monday, April 18 research report. Wolfe Research downgraded State Street from an “outperform” rating to a “peer performance” rating and set a target price of $101.00 for the company. in a report on Thursday, March 31. Citigroup upgraded State Street from a “buy” rating to a “neutral” rating in a Monday, April 11 report. Deutsche Bank Aktiengesellschaft lowered its target price on State Street from $100.00 to $80.00 in a Thursday, May 19 report. Finally, Credit Suisse Group lowered its target price on State Street from $106.00 to $90.00 and set a “neutral” rating for the company in a Monday, April 18 report. Eight equity research analysts gave the stock a hold rating and seven gave the stock a buy rating. According to data from MarketBeat, State Street currently has a consensus rating of “Hold” and an average target price of $100.86.
Shares of STT rose $2.05 during Friday trading hours, hitting $73.04. The stock recorded a trading volume of 3,041,986 shares, compared to an average volume of 2,573,813 shares. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt ratio of 0.57. State Street has a 52-week low of $65.41 and a 52-week high of $104.87. The company has a 50-day moving average of $76.20 and a 200-day moving average of $87.54. The company has a market capitalization of $26.81 billion, a P/E ratio of 9.90, a P/E/G ratio of 1.05 and a beta of 1.61.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 11. Investors of record on Friday, July 1 will receive a dividend of $0.57. The ex-dividend date is Thursday, June 30. This represents an annualized dividend of $2.28 and a yield of 3.12%. State Street’s dividend payout ratio (DPR) is currently 30.89%.
A number of large investors have recently changed their stock holdings. Louisiana State Employees Retirement System increased its stake in State Street by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 22,900 shares of the asset manager valued at $2,130,000 after buying 100 more shares in the last quarter. Samalin Investment Counsel LLC increased its stake in State Street by 5.0% in the 4th quarter. Samalin Investment Counsel LLC now owns 2,124 shares of the asset manager valued at $197,000 after acquiring 101 additional shares during the period. Integrated Wealth Concepts LLC increased its holdings in State Street by 4.0% in the fourth quarter. Integrated Wealth Concepts LLC now owns 2,755 shares of the asset manager valued at $256,000 after acquiring an additional 106 shares during the period. IFM Investors Pty Ltd increased its stake in State Street by 0.3% in the fourth quarter. IFM Investors Pty Ltd now owns 48,049 shares in the asset manager valued at $4,469,000 after acquiring an additional 121 shares during the period. Finally, MMA Asset Management LLC increased its stake in State Street by 4.8% in the 4th quarter. MMA Asset Management LLC now owns 2,691 shares of the asset manager valued at $250,000 after acquiring an additional 124 shares during the period. Institutional investors and hedge funds own 91.48% of the company’s shares.
About State Street (Get a rating)
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The Company offers investment services products and services, including custody; product accounting; day-to-day pricing and administration; master trust and master custody; depository banking services; record keeping; finance management; foreign exchange, brokerage and other business services; enhanced securities finance and custody products; deposit and short-term investment facilities; loans and leasing; the outsourcing of investment manager and alternative investment management operations; performance, risk and compliance analysis; and financial data management to support institutional investors.
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