State Street Corp. (NYSE:STT) – Stock analysts at Jefferies Group boosted their FY2016 earnings estimates for State Street Corp. in a research report issued to clients and investors on Monday. Jefferies Group analyst K. Usdin now forecasts that the brokerage will post earnings of $5.05 per share for the year, up from their previous estimate of $5.00. Jefferies Group has a “Buy” rating and a $81.00 price objective on the stock.
State Street Corp. (NYSE:STT) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.26 by $0.20. The firm earned $2.57 billion during the quarter, compared to analysts’ expectations of $2.65 billion. State Street Corp. had a return on equity of 11.22% and a net margin of 20.19%. State Street Corp.’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.36 earnings per share.
Several other equities research analysts also recently issued reports on the company. Sandler O’Neill downgraded State Street Corp. from a “buy” rating to a “hold” rating and set a $73.00 price objective on the stock. in a report on Tuesday, September 6th. Credit Suisse Group AG restated a “hold” rating and set a $74.00 price objective on shares of State Street Corp. in a report on Tuesday, September 6th. Deutsche Bank AG lifted their price objective on State Street Corp. from $60.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, July 28th. Barclays PLC restated an “overweight” rating and set a $71.00 price objective on shares of State Street Corp. in a report on Thursday, July 28th. Finally, Keefe, Bruyette & Woods upgraded State Street Corp. from an “underperform” rating to a “market perform” rating in a report on Wednesday, October 5th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. State Street Corp. presently has a consensus rating of “Hold” and a consensus target price of $70.42.
State Street Corp. (NYSE:STT) opened at 70.63 on Wednesday. State Street Corp. has a 52-week low of $50.60 and a 52-week high of $75.40. The firm has a 50-day moving average price of $70.27 and a 200 day moving average price of $62.94. The stock has a market cap of $27.55 billion, a PE ratio of 14.41 and a beta of 1.52.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Thursday, September 29th. This is a positive change from State Street Corp.’s previous quarterly dividend of $0.34. State Street Corp.’s payout ratio is 30.89%.
In other State Street Corp. news, EVP Karen C. Keenan sold 1,000 shares of the business’s stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $57.51, for a total transaction of $57,510.00. Following the completion of the transaction, the executive vice president now owns 65,883 shares in the company, valued at approximately $3,788,931.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey N. Carp sold 15,000 shares of the business’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $69.26, for a total value of $1,038,900.00. The disclosure for this sale can be found here. Company insiders own 0.64% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of State Street Corp. by 1.0% in the second quarter. Vanguard Group Inc. now owns 22,857,482 shares of the company’s stock worth $1,232,474,000 after buying an additional 215,857 shares during the period. FMR LLC increased its stake in State Street Corp. by 1.1% in the second quarter. FMR LLC now owns 14,399,518 shares of the company’s stock worth $776,423,000 after buying an additional 154,343 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in State Street Corp. by 0.8% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 5,016,172 shares of the company’s stock worth $270,472,000 after buying an additional 42,105 shares in the last quarter. BlackRock Fund Advisors increased its stake in State Street Corp. by 0.8% in the second quarter. BlackRock Fund Advisors now owns 4,452,751 shares of the company’s stock worth $240,092,000 after buying an additional 36,669 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new stake in State Street Corp. during the second quarter worth approximately $223,563,000. Institutional investors own 86.03% of the company’s stock.
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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