State Street Corp. (STT) Price Target Raised to $81.00 at Jefferies Group
State Street Corp. (NYSE:STT) had its target price lifted by research analysts at Jefferies Group from $80.00 to $81.00 in a research report issued to clients and investors on Monday. The firm currently has a “buy” rating on the stock. Jefferies Group’s target price indicates a potential upside of 12.10% from the company’s current price.
Several other equities analysts also recently commented on the company. Sandler O’Neill downgraded State Street Corp. from a “buy” rating to a “hold” rating and set a $73.00 target price for the company. in a research report on Tuesday, September 6th. Credit Suisse Group AG reiterated a “hold” rating and issued a $74.00 target price on shares of State Street Corp. in a research report on Tuesday, September 6th. Deutsche Bank AG increased their target price on State Street Corp. from $60.00 to $66.00 and gave the company a “hold” rating in a research 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 research report on Thursday, July 28th. Finally, Keefe, Bruyette & Woods upgraded State Street Corp. from an “underperform” rating to a “market perform” rating in a research report on Wednesday, October 5th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $70.42.
State Street Corp. (NYSE:STT) traded down 0.048% during trading on Monday, reaching $72.225. The company’s stock had a trading volume of 826,276 shares. State Street Corp. has a 12 month low of $50.60 and a 12 month high of $75.40. The company’s 50-day moving average is $70.11 and its 200-day moving average is $62.69. The stock has a market cap of $28.17 billion, a PE ratio of 14.734 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 EPS for the quarter, beating the consensus estimate of $1.26 by $0.20. The firm earned $2.57 billion during the quarter, compared to the consensus estimate of $2.65 billion. State Street Corp. had a return on equity of 11.22% and a net margin of 20.19%. The business’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period last year, the company earned $1.36 earnings per share. Equities analysts expect that State Street Corp. will post $0.02 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Thursday, September 29th. This is a boost from State Street Corp.’s previous quarterly dividend of $0.34. State Street Corp.’s dividend payout ratio (DPR) is 30.89%.
In other State Street Corp. news, EVP Karen C. Keenan sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $57.51, for a total value of $57,510.00. Following the completion of the sale, the executive vice president now owns 65,883 shares of the company’s stock, valued at $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 Karen C. Keenan sold 7,500 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 49,547 shares of the company’s stock, valued at approximately $3,468,290. The disclosure for this sale can be found here. 0.64% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in STT. Emerald Acquisition Ltd. bought a new position in shares of State Street Corp. during the second quarter valued at about $223,563,000. Evercore Trust Company N.A. bought a new position in shares of State Street Corp. during the second quarter valued at about $152,044,000. OMERS ADMINISTRATION Corp bought a new position in shares of State Street Corp. during the second quarter valued at about $56,266,000. American Century Companies Inc. boosted its position in shares of State Street Corp. by 47.8% in the second quarter. American Century Companies Inc. now owns 2,976,398 shares of the company’s stock valued at $160,487,000 after buying an additional 962,464 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in shares of State Street Corp. during the second quarter valued at about $30,639,000. 86.03% of the stock is 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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