State Street Corp. (STT) Price Target Increased to $81.00 by Analysts at Jefferies Group
State Street Corp. (NYSE:STT) had its price objective hoisted by equities research analysts at Jefferies Group from $80.00 to $81.00 in a research report issued on Monday. The firm currently has a “buy” rating on the stock. Jefferies Group’s price objective points to a potential upside of 12.10% from the company’s previous close.
Several other equities analysts have also recently weighed in on the company. Deutsche Bank AG cut their price objective on State Street Corp. from $67.00 to $64.00 and set a “hold” rating on the stock in a report on Thursday, June 16th. Buckingham Research reiterated a “buy” rating on shares of State Street Corp. in a report on Tuesday, June 21st. Credit Suisse Group AG reiterated a “hold” rating on shares of State Street Corp. in a report on Tuesday, June 28th. Barclays PLC reiterated a “buy” rating on shares of State Street Corp. in a report on Saturday, July 9th. Finally, Citigroup Inc. lifted their price objective on State Street Corp. from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $70.42.
Shares of State Street Corp. (NYSE:STT) traded up 0.08% during trading on Monday, reaching $72.32. The company’s stock had a trading volume of 742,284 shares. State Street Corp. has a 52 week low of $50.60 and a 52 week high of $75.40. The stock’s 50 day moving average price is $70.11 and its 200 day moving average price is $62.69. The company has a market cap of $28.21 billion, a PE ratio of 14.75 and a beta of 1.52.
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State Street Corp. (NYSE:STT) last posted its earnings results 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 company earned $2.57 billion during the quarter, compared to analyst estimates of $2.65 billion. State Street Corp. had a return on equity of 11.22% and a net margin of 20.19%. The company’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.36 EPS. Equities research analysts predict that State Street Corp. will post $0.02 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 29th. This is a positive change from State Street Corp.’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.10%. State Street Corp.’s payout ratio is presently 30.89%.
In related news, EVP Jeffrey N. Carp sold 40,196 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $61.76, for a total transaction of $2,482,504.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Karen C. Keenan sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The stock was 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 in the company, valued at $3,468,290. The disclosure for this sale can be found here. Corporate insiders own 0.64% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of STT. Fuller & Thaler Asset Management Inc. acquired a new position in State Street Corp. during the second quarter worth $113,000. Advisory Services Network LLC raised its position in State Street Corp. by 4.4% in the second quarter. Advisory Services Network LLC now owns 2,154 shares of the company’s stock worth $116,000 after buying an additional 90 shares during the last quarter. Rockefeller Financial Services Inc. raised its position in State Street Corp. by 86.3% in the second quarter. Rockefeller Financial Services Inc. now owns 2,235 shares of the company’s stock worth $121,000 after buying an additional 1,035 shares during the last quarter. Euclid Advisors LLC acquired a new position in State Street Corp. during the second quarter worth $147,000. Finally, Peoples Financial Services CORP. raised its position in State Street Corp. by 7.2% in the second quarter. Peoples Financial Services CORP. now owns 2,968 shares of the company’s stock worth $160,000 after buying an additional 200 shares during the last quarter. 86.03% of the stock is currently owned by institutional investors and hedge funds.
State Street Corp. Company Profile
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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