State Street Corp.’s (STT) “Buy” Rating Reiterated at Barclays PLC
State Street Corp. (NYSE:STT)‘s stock had its “buy” rating reaffirmed by stock analysts at Barclays PLC in a research note issued to investors on Tuesday. They currently have a $71.00 price target on the stock. Barclays PLC’s price objective suggests a potential downside of 1.17% from the stock’s current price.
A number of other research firms also recently issued reports on STT. Deutsche Bank AG restated a “hold” rating on shares of State Street Corp. in a research report on Sunday, July 10th. Keefe, Bruyette & Woods upped their target price on shares of State Street Corp. from $54.00 to $58.00 and gave the company an “underperform” rating in a research report on Thursday, July 28th. Credit Suisse Group AG restated a “hold” rating on shares of State Street Corp. in a research report on Tuesday, June 28th. Jefferies Group upped their target price on shares of State Street Corp. from $80.00 to $81.00 and gave the company a “buy” rating in a research report on Monday. Finally, TheStreet upgraded shares of State Street Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. State Street Corp. presently has a consensus rating of “Hold” and an average target price of $70.42.
Shares of State Street Corp. (NYSE:STT) traded down 2.09% on Tuesday, reaching $70.34. 2,022,128 shares of the company were exchanged. State Street Corp. has a 12 month low of $50.60 and a 12 month high of $75.40. The stock has a market capitalization of $27.43 billion, a P/E ratio of 14.35 and a beta of 1.52. The stock has a 50 day moving average price of $70.19 and a 200-day moving average price of $62.83.
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State Street Corp. (NYSE:STT) last issued its quarterly 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 business had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.65 billion. State Street Corp. had a net margin of 20.19% and a return on equity of 11.22%. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.36 EPS. On average, equities analysts expect that State Street Corp. will post $0.02 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be paid a dividend of $0.38 per share. This is a boost from State Street Corp.’s previous quarterly dividend of $0.34. This represents a $1.52 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Thursday, September 29th. State Street Corp.’s dividend payout ratio (DPR) is currently 30.89%.
In other news, EVP Karen C. Keenan sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 20th. The shares were 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 approximately $3,788,931.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jeffrey N. Carp sold 5,000 shares of the firm’s stock in a transaction that occurred on 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. Insiders own 0.64% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its stake in State Street Corp. by 2.6% in the first quarter. Envestnet Asset Management Inc. now owns 61,370 shares of the company’s stock valued at $3,591,000 after buying an additional 1,541 shares during the last quarter. Legal & General Group Plc increased its stake in State Street Corp. by 4.6% in the first quarter. Legal & General Group Plc now owns 1,839,918 shares of the company’s stock valued at $107,671,000 after buying an additional 81,262 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new stake in State Street Corp. during the first quarter valued at approximately $5,197,000. National Pension Service increased its stake in State Street Corp. by 4.1% in the first quarter. National Pension Service now owns 240,671 shares of the company’s stock valued at $14,084,000 after buying an additional 9,566 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in State Street Corp. by 1.1% in the first quarter. Geode Capital Management LLC now owns 3,172,141 shares of the company’s stock valued at $185,248,000 after buying an additional 33,199 shares during the last quarter. 86.03% of the stock is owned by institutional investors.
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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