State Street Corp. Downgraded to “Sector Perform” at RBC Capital (STT)
State Street Corp. (NYSE:STT) was downgraded by analysts at RBC Capital from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Friday, American Banking & Market News reports. They currently have a $68.00 target price on the stock, down from their previous target price of $75.00. RBC Capital’s price target points to a potential upside of 0.91% from the stock’s previous close.
A number of other analysts have also recently weighed in on STT. Analysts at Jefferies Group raised their price target on shares of State Street Corp. from $80.00 to $86.00 in a research note on Tuesday, January 7th. Separately, analysts at Barclays raised their price target on shares of State Street Corp. from $75.00 to $83.00 in a research note on Monday, January 6th. They now have an “overweight” rating on the stock. Finally, analysts at Keefe, Bruyette & Woods raised their price target on shares of State Street Corp. from $74.00 to $76.00 in a research note on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $74.12.
Shares of State Street Corp. (NYSE:STT) opened at 67.39 on Friday. State Street Corp. has a 52-week low of $54.57 and a 52-week high of $76.24. The stock has a 50-day moving average of $69.64 and a 200-day moving average of $69.57. The company has a market cap of $29.088 billion and a price-to-earnings ratio of 14.59.
State Street Corp. (NYSE:STT) last released its earnings data on Friday, January 24th. The company reported $1.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by $0.05. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the previous year, the company posted $1.11 earnings per share. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. Analysts expect that State Street Corp. will post $5.10 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Friday, March 28th.
In other State Street Corp. news, EVP Christopher Perretta sold 25,388 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $68.20, for a total transaction of $1,731,461.60. Following the completion of the transaction, the executive vice president now directly owns 58,188 shares of the company’s stock, valued at approximately $3,968,422. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
State Street Corporation (NYSE:STT) is a financial holding company.
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