State Street Price Target Cut to $79.00 (STT)
Equities research analysts at Barclays lowered their price objective on shares of State Street (NYSE:STT) from $80.00 to $79.00 in a research note issued to investors on Wednesday. The firm currently has an “overweight” rating on the stock. Barclays’ target price suggests a potential upside of 12.74% from the company’s current price.
STT has been the subject of a number of other recent research reports. Analysts at Jefferies Group cut their price target on shares of State Street from $78.00 to $76.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of State Street in a research note on Monday, July 14th. They now have a $73.00 price target on the stock, up previously from $67.00. Finally, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of State Street in a research note on Thursday, July 10th. They now have a $71.50 price target on the stock, down previously from $72.00. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $74.54.
Shares of State Street (NYSE:STT) traded up 0.31% during mid-day trading on Wednesday, hitting $70.29. 2,096,028 shares of the company’s stock traded hands. State Street has a 52-week low of $62.67 and a 52-week high of $76.24. The stock’s 50-day moving average is $67.66 and its 200-day moving average is $67.52. The company has a market cap of $30.254 billion and a price-to-earnings ratio of 15.70.
State Street (NYSE:STT) last released its earnings data on Tuesday, July 22nd. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.12. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter in the previous year, the company posted $1.24 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts predict that State Street will post $4.78 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, October 16th. Investors of record on Wednesday, October 1st will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Monday, September 29th.
State Street Corporation (NYSE:STT) is a financial holding company.
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