State Street Corp’s (STT) “Neutral” Rating Reaffirmed at Bank of America Corp
State Street Corp (NYSE:STT)‘s stock had its “neutral” rating reiterated by equities researchers at Bank of America Corp in a report issued on Friday. They presently have a $88.00 price target on the asset manager’s stock. Bank of America Corp’s price target would indicate a potential upside of 7.13% from the stock’s current price.
STT has been the topic of several other research reports. Zacks Investment Research lowered State Street Corp from a “buy” rating to a “hold” rating in a report on Friday, January 27th. Credit Suisse Group AG reiterated a “neutral” rating and issued a $82.00 price target (up previously from $80.00) on shares of State Street Corp in a report on Tuesday, March 21st. Morgan Stanley upgraded State Street Corp from an “underweight” rating to an “equal weight” rating in a report on Tuesday, January 31st. Deutsche Bank AG cut their price target on State Street Corp from $85.00 to $84.00 and set a “hold” rating on the stock in a report on Thursday, April 6th. Finally, Evercore ISI lowered State Street Corp from a “hold” rating to an “underperform” rating and set a $82.00 price target on the stock. in a report on Friday, March 3rd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. State Street Corp has an average rating of “Hold” and an average price target of $84.86.
Shares of State Street Corp (NYSE:STT) opened at 82.14 on Friday. State Street Corp has a 12 month low of $50.60 and a 12 month high of $85.38. The company has a 50-day moving average price of $81.11 and a 200-day moving average price of $79.48. The firm has a market cap of $30.90 billion, a price-to-earnings ratio of 15.37 and a beta of 1.40.
State Street Corp (NYSE:STT) last announced its quarterly earnings results on Wednesday, April 26th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.11. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.75 billion. State Street Corp had a return on equity of 12.13% and a net margin of 20.16%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 earnings per share. Analysts forecast that State Street Corp will post $5.93 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 18th. Investors of record on Monday, July 3rd will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Thursday, June 29th. State Street Corp’s dividend payout ratio is currently 30.52%.
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In related news, insider Andrew Erickson sold 2,000 shares of the stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $83.28, for a total transaction of $166,560.00. Following the completion of the sale, the insider now owns 21,523 shares in the company, valued at approximately $1,792,435.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Wai-Kwong Seck sold 20,000 shares of the stock in a transaction on Monday, February 27th. The stock was sold at an average price of $79.04, for a total transaction of $1,580,800.00. Following the sale, the insider now owns 60,093 shares of the company’s stock, valued at approximately $4,749,750.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,747 shares of company stock valued at $2,050,652. 0.64% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. SOL Capital Management CO purchased a new stake in State Street Corp during the third quarter valued at approximately $230,000. First National Trust Co. boosted its stake in State Street Corp by 6.9% in the third quarter. First National Trust Co. now owns 43,618 shares of the asset manager’s stock valued at $3,037,000 after buying an additional 2,831 shares during the period. Crestwood Advisors LLC boosted its stake in State Street Corp by 2.7% in the third quarter. Crestwood Advisors LLC now owns 560,810 shares of the asset manager’s stock valued at $39,049,000 after buying an additional 14,499 shares during the period. Homrich & Berg boosted its stake in State Street Corp by 0.5% in the third quarter. Homrich & Berg now owns 11,966 shares of the asset manager’s stock valued at $833,000 after buying an additional 57 shares during the period. Finally, Sandy Spring Bank boosted its stake in State Street Corp by 4.8% in the third quarter. Sandy Spring Bank now owns 37,673 shares of the asset manager’s stock valued at $2,634,000 after buying an additional 1,740 shares during the period. Institutional investors own 85.06% of the company’s stock.
About State Street Corp
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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