State Street Corporation (STT) Receives “Hold” Rating from Jefferies Group LLC
State Street Corporation (NYSE:STT)‘s stock had its “hold” rating reissued by equities researchers at Jefferies Group LLC in a research report issued on Friday. They currently have a $100.00 price target on the asset manager’s stock. Jefferies Group LLC’s target price would indicate a potential upside of 6.34% from the company’s previous close.
Several other analysts have also recently weighed in on STT. Bank of America Corporation reiterated a “neutral” rating and issued a $88.00 price target on shares of State Street Corporation in a report on Friday, May 26th. Zacks Investment Research cut shares of State Street Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 29th. Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and lifted their price target for the company from $92.00 to $100.00 in a report on Wednesday, June 28th. Keefe, Bruyette & Woods set a $93.00 price target on shares of State Street Corporation and gave the company a “hold” rating in a report on Monday, August 28th. Finally, BidaskClub upgraded shares of State Street Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $92.31.
State Street Corporation (NYSE STT) traded down 0.06% during midday trading on Friday, hitting $94.04. 5,229,299 shares of the stock were exchanged. The stock has a market cap of $35.17 billion, a PE ratio of 17.36 and a beta of 1.31. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $96.26. The company’s 50 day moving average is $93.24 and its 200-day moving average is $86.10.
State Street Corporation (NYSE:STT) last issued its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.10. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The firm had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter last year, the business earned $1.46 earnings per share. The business’s revenue was up 9.2% on a year-over-year basis. On average, analysts expect that State Street Corporation will post $6.15 earnings per share for the current year.
State Street Corporation declared that its board has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, insider Andrew Erickson sold 353 shares of State Street Corporation stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the transaction, the insider now owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,814 shares of company stock valued at $820,385. 0.71% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Commonwealth Bank of Australia raised its position in shares of State Street Corporation by 5.8% in the 2nd quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock worth $5,490,000 after purchasing an additional 3,365 shares during the last quarter. Vanguard Group Inc. raised its position in shares of State Street Corporation by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock worth $1,876,730,000 after purchasing an additional 1,180,527 shares during the last quarter. Pennsylvania Trust Co raised its position in shares of State Street Corporation by 6.5% in the 2nd quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock worth $361,000 after purchasing an additional 240 shares during the last quarter. Arvest Bank Trust Division raised its position in shares of State Street Corporation by 1.1% in the 2nd quarter. Arvest Bank Trust Division now owns 197,863 shares of the asset manager’s stock worth $17,754,000 after purchasing an additional 2,084 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new position in shares of State Street Corporation in the 1st quarter worth about $369,000. 87.36% of the stock is owned by hedge funds and other institutional investors.
About State Street Corporation
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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