Q3 2016 Earnings Forecast for State Street Corp. Issued By Jefferies Group (STT)
State Street Corp. (NYSE:STT) – Stock analysts at Jefferies Group boosted their Q3 2016 earnings estimates for State Street Corp. in a research report issued on Monday. Jefferies Group analyst K. Usdin now forecasts that the brokerage will post earnings of $1.25 per share for the quarter, up from their prior forecast of $1.24. Jefferies Group has a “Buy” rating and a $81.00 price objective on the stock. Jefferies Group also issued estimates for State Street Corp.’s Q4 2016 earnings at $1.36 EPS.
A number of other research analysts have also recently issued reports on STT. Barclays PLC reaffirmed a “buy” rating on shares of State Street Corp. in a report on Saturday, July 9th. Deutsche Bank AG reaffirmed a “hold” rating on shares of State Street Corp. in a report on Sunday, July 10th. Keefe, Bruyette & Woods raised their price target on shares of State Street Corp. from $54.00 to $58.00 and gave the stock an “underperform” rating in a report on Thursday, July 28th. Credit Suisse Group AG reiterated a “hold” rating on shares of State Street Corp. in a research note on Tuesday, June 28th. Finally, TheStreet upgraded shares of State Street Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, August 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $70.42.
State Street Corp. (NYSE:STT) traded down 2.12% during midday trading on Tuesday, hitting $70.32. The company’s stock had a trading volume of 1,002,760 shares. The firm has a market cap of $27.43 billion, a P/E ratio of 14.35 and a beta of 1.52. The company’s 50 day moving average price is $70.19 and its 200 day moving average price is $62.83. State Street Corp. has a 12 month low of $50.60 and a 12 month high of $75.40.
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State Street Corp. (NYSE:STT) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.26 by $0.20. State Street Corp. had a return on equity of 11.22% and a net margin of 20.19%. The business had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. State Street Corp.’s revenue for the quarter was down 1.3% on a year-over-year basis.
Several institutional investors have recently bought and sold shares of the company. Alpha Windward LLC increased its position in State Street Corp. by 1.2% in the second quarter. Alpha Windward LLC now owns 3,553 shares of the company’s stock valued at $192,000 after buying an additional 41 shares in the last quarter. Pennsylvania Trust Co increased its position in State Street Corp. by 1.2% in the second quarter. Pennsylvania Trust Co now owns 3,905 shares of the company’s stock valued at $211,000 after buying an additional 45 shares in the last quarter. Brinker Capital Inc. increased its position in State Street Corp. by 0.6% in the second quarter. Brinker Capital Inc. now owns 10,548 shares of the company’s stock valued at $572,000 after buying an additional 62 shares in the last quarter. Advisory Services Network LLC increased 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 valued at $116,000 after buying an additional 90 shares in the last quarter. Finally, World Asset Management Inc increased its position in State Street Corp. by 0.3% in the second quarter. World Asset Management Inc now owns 39,856 shares of the company’s stock valued at $2,149,000 after buying an additional 116 shares in the last quarter. 86.03% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Karen C. Keenan sold 7,500 shares of the firm’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $65.00, for a total value of $487,500.00. Following the transaction, the executive vice president now directly owns 58,383 shares of the company’s stock, valued at $3,794,895. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeffrey N. Carp sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $55.00, for a total transaction of $275,000.00. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by insiders.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be given a $0.38 dividend. This is a positive change from State Street Corp.’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.52 annualized dividend and a dividend yield of 2.12%. State Street Corp.’s dividend payout ratio (DPR) is 30.89%.
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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