State Street Corporation (STT) Announces Quarterly Earnings Results
State Street Corporation (NYSE:STT) announced its quarterly earnings data on Monday. The asset manager reported $1.71 EPS for the quarter, beating the consensus estimate of $1.61 by $0.10, Bloomberg Earnings reports. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.94 billion. During the same period in the previous year, the business posted $1.35 EPS. The business’s quarterly revenue was up 7.7% compared to the same quarter last year.
Shares of State Street Corporation (STT) opened at 99.12 on Monday. The company has a 50-day moving average of $95.94 and a 200 day moving average of $89.29. The stock has a market cap of $37.07 billion, a price-to-earnings ratio of 18.30 and a beta of 1.31. State Street Corporation has a one year low of $68.68 and a one year high of $99.99.
State Street Corporation announced that its Board of Directors has approved 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 often an indication that the company’s board believes its shares are undervalued.
Several brokerages have commented on STT. Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and lifted their price objective for the company from $92.00 to $100.00 in a research note on Wednesday, June 28th. Wells Fargo & Company began coverage on shares of State Street Corporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price objective for the company. Barclays PLC lifted their price objective on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research note on Wednesday, August 30th. Finally, Jefferies Group LLC restated a “hold” rating and set a $100.00 price objective on shares of State Street Corporation in a research note on Friday, September 15th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. State Street Corporation currently has an average rating of “Hold” and an average price target of $95.07.
In other State Street Corporation news, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction on 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 sale, the insider now owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were 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 three months, insiders sold 8,814 shares of company stock valued at $820,385. 0.71% of the stock is owned by corporate insiders.
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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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