State Street Corp. (NYSE:STT) had its price objective hoisted by Credit Agricole SA from $60.00 to $73.00 in a report issued on Friday morning. They currently have an underperform rating on the stock.
Other analysts have also recently issued research reports about the stock. Buckingham Research reissued a buy rating on shares of State Street Corp. in a research note on Tuesday, June 21st. Barclays PLC restated a buy rating on shares of State Street Corp. in a report on Saturday, July 9th. Jefferies Group restated a buy rating and issued a $64.00 price objective on shares of State Street Corp. in a report on Wednesday, July 6th. TheStreet upgraded shares of State Street Corp. from a hold rating to a buy rating in a report on Thursday, August 4th. Finally, Zacks Investment Research upgraded shares of State Street Corp. from a hold rating to a buy rating and set a $79.00 price objective on the stock in a report on Tuesday, September 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $70.35.
State Street Corp. (NYSE:STT) opened at 70.62 on Friday. State Street Corp. has a 12-month low of $50.60 and a 12-month high of $75.40. The firm has a 50-day moving average of $69.48 and a 200 day moving average of $61.76. The stock has a market capitalization of $27.54 billion, a price-to-earnings ratio of 14.41 and a beta of 1.49.
State Street Corp. (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.20. State Street Corp. had a net margin of 20.19% and a return on equity of 11.22%. The business earned $2.57 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the prior year, the company posted $1.36 EPS. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, analysts predict that State Street Corp. will post $0.02 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.15%. This is an increase from State Street Corp.’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, September 29th. State Street Corp.’s dividend payout ratio (DPR) is 27.64%.
In related news, EVP Karen C. Keenan sold 7,500 shares of the stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $70.00, for a total value of $525,000.00. Following the transaction, the executive vice president now directly owns 49,547 shares of the company’s stock, valued at approximately $3,468,290. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeffrey N. Carp sold 40,196 shares of the stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $61.76, for a total transaction of $2,482,504.96. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fuller & Thaler Asset Management Inc. bought a new position in State Street Corp. during the second quarter worth approximately $113,000. Advisory Services Network LLC increased its position in shares of State Street Corp. by 4.4% in the second quarter. Advisory Services Network LLC now owns 2,154 shares of the company’s stock valued at $116,000 after buying an additional 90 shares during the last quarter. Rockefeller Financial Services Inc. increased its position in shares of State Street Corp. by 86.3% in the second quarter. Rockefeller Financial Services Inc. now owns 2,235 shares of the company’s stock valued at $121,000 after buying an additional 1,035 shares during the last quarter. Euclid Advisors LLC acquired a new position in shares of State Street Corp. during the second quarter valued at about $147,000. Finally, Peoples Financial Services CORP. increased its position in shares of State Street Corp. by 7.2% in the second quarter. Peoples Financial Services CORP. now owns 2,968 shares of the company’s stock valued at $160,000 after buying an additional 200 shares during the last quarter. 86.03% of the stock is currently owned by hedge funds and other institutional investors.
About State Street Corp.
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.
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