Royal Bank Of Canada Trims State Street Corporation (STT) Target Price to $95.00
State Street Corporation (NYSE:STT) had its price objective reduced by research analysts at Royal Bank Of Canada from $104.00 to $95.00 in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has a “sector perform” rating on the asset manager’s stock. Royal Bank Of Canada’s price target suggests a potential downside of 1.22% from the stock’s current price.
Other equities research analysts also recently issued research reports about the company. Buckingham Research reaffirmed a “buy” rating and issued a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Keefe, Bruyette & Woods set a $88.00 price objective on State Street Corporation and gave the company a “hold” rating in a research report on Saturday, July 1st. Goldman Sachs Group, Inc. (The) raised 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 report on Wednesday, June 28th. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Tuesday, July 11th. Finally, Wells Fargo & Company assumed coverage on State Street Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. State Street Corporation currently has a consensus rating of “Hold” and an average price target of $97.07.
State Street Corporation (STT) traded up 0.400% during trading on Tuesday, hitting $96.555. The stock had a trading volume of 1,141,729 shares. The stock’s 50-day moving average is $96.03 and its 200 day moving average is $89.57. State Street Corporation has a one year low of $68.68 and a one year high of $99.99. The firm has a market cap of $36.11 billion, a price-to-earnings ratio of 17.828 and a beta of 1.31.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.10. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The company 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 firm posted $1.35 earnings per share. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. Equities analysts anticipate that State Street Corporation will post $6.18 earnings per share for the current year.
State Street Corporation announced that its board has initiated a share buyback plan on Wednesday, June 28th that permits the company to buyback $1.40 billion in shares. This buyback authorization permits the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
In other State Street Corporation news, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $92.55, for a total transaction of $296,160.00. Following the completion of the sale, the insider now owns 39,896 shares of the company’s stock, valued at $3,692,374.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew Erickson sold 353 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the sale, the insider now directly owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,814 shares of company stock valued at $820,385. 0.71% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of STT. OppenheimerFunds Inc. boosted its position in shares of State Street Corporation by 13.4% in the first quarter. OppenheimerFunds Inc. now owns 19,860 shares of the asset manager’s stock worth $1,581,000 after buying an additional 2,344 shares during the period. Anchor Capital Advisors LLC boosted its position in shares of State Street Corporation by 0.3% in the first quarter. Anchor Capital Advisors LLC now owns 11,582 shares of the asset manager’s stock worth $922,000 after buying an additional 35 shares during the period. Rothschild Asset Management Inc. boosted its position in shares of State Street Corporation by 11.9% in the first quarter. Rothschild Asset Management Inc. now owns 856,327 shares of the asset manager’s stock worth $68,172,000 after buying an additional 91,045 shares during the period. Richard C. Young & CO. LTD. boosted its position in shares of State Street Corporation by 3.8% in the first quarter. Richard C. Young & CO. LTD. now owns 164,128 shares of the asset manager’s stock worth $13,066,000 after buying an additional 6,073 shares during the period. Finally, Ngam Advisors L.P. boosted its position in shares of State Street Corporation by 54.4% in the first quarter. Ngam Advisors L.P. now owns 162,556 shares of the asset manager’s stock worth $12,941,000 after buying an additional 57,264 shares during the period. 87.68% of the stock is owned by institutional investors.
State Street Corporation Company Profile
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.
Receive News & Ratings for State Street Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street Corporation and related companies with MarketBeat.com's FREE daily email newsletter.