State Street Corp.’s (STT) Buy Rating Reaffirmed at Barclays PLC
State Street Corp. (NYSE:STT)‘s stock had its “buy” rating reissued by Barclays PLC in a research report issued to clients and investors on Tuesday. They presently have a $71.00 price objective on the stock. Barclays PLC’s price objective points to a potential downside of 1.17% from the company’s previous close.
STT has been the subject of a number of other research reports. Citigroup Inc. boosted their price target on State Street Corp. from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Thursday, July 28th. Zacks Investment Research raised State Street Corp. from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research report on Tuesday, September 6th. Deutsche Bank AG upped their target price on State Street Corp. from $70.00 to $73.00 and gave the stock a “hold” rating in a research report on Friday, September 9th. Keefe, Bruyette & Woods raised State Street Corp. from an “underperform” rating to a “market perform” rating in a research report on Wednesday, October 5th. Finally, Buckingham Research reaffirmed a “buy” rating on shares of State Street Corp. in a research report on Tuesday, June 21st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $70.42.
Shares of State Street Corp. (NYSE:STT) traded down 2.06% during midday trading on Tuesday, hitting $70.36. The stock had a trading volume of 1,806,473 shares. The stock has a 50 day moving average of $70.19 and a 200-day moving average of $62.83. The company has a market cap of $27.44 billion, a P/E ratio of 14.35 and a beta of 1.52. State Street Corp. has a one year low of $50.60 and a one year high of $75.40.
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State Street Corp. (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm earned $2.57 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the previous year, the business earned $1.36 earnings per share. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. Analysts forecast 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 dividend of $0.38 per share. The ex-dividend date is Thursday, September 29th. This represents a $1.52 annualized dividend and a yield of 2.12%. This is a boost from State Street Corp.’s previous quarterly dividend of $0.34. State Street Corp.’s dividend payout ratio is presently 30.89%.
In other news, EVP Karen C. Keenan sold 1,000 shares of the company’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 transaction of $57,510.00. Following the completion of the transaction, the executive vice president now directly owns 65,883 shares of the company’s stock, valued at $3,788,931.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey N. Carp sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $55.00, for a total value of $275,000.00. The disclosure for this sale can be found here. Company insiders own 0.64% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Virginia Retirement System bought a new position in State Street Corp. during the first quarter valued at approximately $383,000. NN Investment Partners Holdings N.V. bought a new position in State Street Corp. during the first quarter valued at approximately $2,700,000. Canada Pension Plan Investment Board raised its position in State Street Corp. by 18.7% in the first quarter. Canada Pension Plan Investment Board now owns 257,410 shares of the company’s stock valued at $15,064,000 after buying an additional 40,469 shares during the period. 1832 Asset Management L.P. raised its position in State Street Corp. by 288,990.9% in the first quarter. 1832 Asset Management L.P. now owns 31,800 shares of the company’s stock valued at $3,132,000 after buying an additional 31,789 shares during the period. Finally, BB&T Securities LLC raised its position in State Street Corp. by 6.6% in the first quarter. BB&T Securities LLC now owns 108,625 shares of the company’s stock valued at $6,356,000 after buying an additional 6,705 shares during the period. 86.03% of the stock is owned by 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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