State Street Corp. to Post FY2016 Earnings of $5.05 Per Share, Jefferies Group Forecasts (STT)
State Street Corp. (NYSE:STT) – Jefferies Group increased their FY2016 EPS estimates for shares of State Street Corp. in a research note issued on Monday. Jefferies Group analyst K. Usdin now expects that the brokerage will earn $5.05 per share for the year, up from their prior estimate of $5.00. Jefferies Group has a “Buy” rating and a $81.00 price objective on the stock.
State Street Corp. (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.26 by $0.20. State Street Corp. had a net margin of 20.19% and a return on equity of 11.22%. The firm had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the previous year, the company earned $1.36 earnings per share. The business’s revenue was down 1.3% compared to the same quarter last year.
STT has been the topic of a number of other research reports. Zacks Investment Research upgraded State Street Corp. from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a research note on Tuesday, September 6th. TheStreet upgraded State Street Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, August 4th. Buckingham Research restated a “buy” rating on shares of State Street Corp. in a research note on Tuesday, June 21st. Barclays PLC restated a “buy” rating on shares of State Street Corp. in a research note on Saturday, July 9th. Finally, Credit Suisse Group AG restated a “hold” rating on shares of State Street Corp. in a research note on Tuesday, June 28th. 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 stock. The stock currently has an average rating of “Hold” and a consensus price target of $70.42.
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State Street Corp. (NYSE:STT) traded up 0.51% during midday trading on Wednesday, reaching $70.70. 891,811 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $70.23 and a 200 day moving average price of $62.88. State Street Corp. has a 12 month low of $50.60 and a 12 month high of $75.40. The company has a market cap of $27.57 billion, a P/E ratio of 14.42 and a beta of 1.52.
A number of hedge funds have recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. acquired a new stake in State Street Corp. during the second quarter valued at $113,000. Advisory Services Network LLC raised its stake 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 during the period. Rockefeller Financial Services Inc. raised its stake 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 valued at $121,000 after buying an additional 1,035 shares during the period. Euclid Advisors LLC acquired a new stake in State Street Corp. during the second quarter valued at $147,000. Finally, Peoples Financial Services CORP. raised its stake 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 valued at $160,000 after buying an additional 200 shares during the period. 86.03% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Jeffrey N. Carp sold 40,196 shares of the firm’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $61.76, for a total value of $2,482,504.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 completion of the sale, the executive vice president now directly owns 58,383 shares in the company, valued at $3,794,895. The disclosure for this sale can be found here. 0.64% of the stock is owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be paid a $0.38 dividend. The ex-dividend date 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 annualized dividend and a yield of 2.16%. State Street Corp.’s dividend payout ratio (DPR) is 30.89%.
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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