Weekly Investment Analysts’ Ratings Changes for State Street Corp. (STT)
Several brokerages have updated their recommendations and price targets on shares of State Street Corp. (NYSE: STT) in the last few weeks:
- 10/11/2016 – State Street Corp. had its “buy” rating reaffirmed by analysts at Barclays PLC. They now have a $71.00 price target on the stock.
- 10/10/2016 – State Street Corp. had its price target raised by analysts at Jefferies Group from $80.00 to $81.00. They now have a “buy” rating on the stock.
- 10/5/2016 – State Street Corp. was upgraded by analysts at Keefe, Bruyette & Woods from an “underperform” rating to a “market perform” rating.
- 9/23/2016 – State Street Corp. had its price target raised by analysts at Credit Agricole SA from $60.00 to $73.00. They now have an “underperform” rating on the stock.
- 9/9/2016 – State Street Corp. had its price target raised by analysts at Deutsche Bank AG from $70.00 to $73.00. They now have a “hold” rating on the stock.
- 9/6/2016 – State Street Corp. was downgraded by analysts at Sandler O’Neill from a “buy” rating to a “hold” rating. They now have a $73.00 price target on the stock.
- 9/6/2016 – State Street Corp. had its price target raised by analysts at Jefferies Group from $74.00 to $80.00. They now have a “buy” rating on the stock.
- 9/6/2016 – State Street Corp. was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $79.00 price target on the stock. According to Zacks, “State Street's acquisition of GE Asset Management is expected to lead to revenue synergies in the quarters ahead. Further, the company intends to lower expenses and enhance cost efficiencies by 2020 through its multi-year restructuring plan, State Street Beacon. We believe the company is well positioned to capitalize on growth opportunities based on its sturdy core servicing and investment management franchises. Also, enhanced capital deployment plan continue to boost shareholders’ confidence in the stock. However, rising expenses along with stringent regulations will continue to weigh on its financials. Also, growth in net interest revenue is expected to be sluggish in the coming quarters due to the continuation of the low-rate environment.”
- 9/6/2016 – State Street Corp. had its “hold” rating reaffirmed by analysts at Credit Suisse Group AG. They now have a $74.00 price target on the stock.
State Street Corp. (NYSE:STT) traded up 0.41% during mid-day trading on Wednesday, hitting $70.63. 2,648,196 shares of the stock were exchanged. The company has a market capitalization of $27.55 billion, a PE ratio of 14.41 and a beta of 1.52. The stock’s 50-day moving average is $70.23 and its 200 day moving average is $62.88. State Street Corp. has a 52 week low of $50.60 and a 52 week high of $75.40.
State Street Corp. (NYSE:STT) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.46 earnings per share for the quarter, topping the Thomson Reuters’ 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 prior year, the company posted $1.36 earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. On average, analysts anticipate that State Street Corp. will post $0.02 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be issued a dividend of $0.38 per share. This is an increase 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 yield of 2.15%. State Street Corp.’s dividend payout ratio is presently 30.89%.
In other State Street Corp. news, EVP Karen C. Keenan sold 7,500 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $65.00, for a total transaction of $487,500.00. Following the transaction, the executive vice president now owns 58,383 shares in the company, valued at $3,794,895. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jeffrey N. Carp sold 40,196 shares of the company’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $61.76, for a total transaction of $2,482,504.96. The disclosure for this sale can be found here. Company insiders own 0.64% of the company’s stock.
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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