State Street Corporation (STT) Forecasted to Post FY2017 Earnings of $6.24 Per Share
State Street Corporation (NYSE:STT) – Investment analysts at Jefferies Group increased their FY2017 earnings per share (EPS) estimates for State Street Corporation in a research note issued on Monday. Jefferies Group analyst K. Usdin now anticipates that the asset manager will post earnings of $6.24 per share for the year, up from their prior forecast of $6.17. Jefferies Group currently has a “Hold” rating and a $100.00 target price on the stock. Jefferies Group also issued estimates for State Street Corporation’s Q1 2018 earnings at $1.41 EPS, Q2 2018 earnings at $1.84 EPS, Q3 2018 earnings at $1.76 EPS, Q4 2018 earnings at $1.85 EPS and FY2019 earnings at $7.40 EPS.
Other research analysts have also issued research reports about the stock. 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 Tuesday, August 22nd. Buckingham Research reiterated a “buy” rating and set a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and boosted their price objective for the stock from $92.00 to $100.00 in a research note on Wednesday, June 28th. Morgan Stanley boosted their price objective on shares of State Street Corporation from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods set a $93.00 price objective on shares of State Street Corporation and gave the stock a “hold” rating in a research note on Monday, August 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $97.07.
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Shares of State Street Corporation (STT) opened at 96.43 on Wednesday. The stock has a market cap of $36.06 billion, a PE ratio of 17.80 and a beta of 1.31. State Street Corporation has a 12-month low of $68.68 and a 12-month high of $99.99. The stock’s 50 day moving average is $96.04 and its 200-day moving average is $89.70.
State Street Corporation (NYSE:STT) last posted its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.10. State Street Corporation had a net margin of 20.56% and a return on equity of 13.03%. The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the prior year, the company posted $1.35 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis.
Several hedge funds have recently added to or reduced their stakes in the company. Commonwealth Bank of Australia boosted its holdings in State Street Corporation by 5.8% during the second quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock worth $5,490,000 after buying an additional 3,365 shares in the last quarter. Vanguard Group Inc. boosted its holdings in State Street Corporation by 5.3% during the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock worth $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. Delta Lloyd Asset Management N.V. purchased a new stake in State Street Corporation during the second quarter worth $4,730,000. Pennsylvania Trust Co boosted its holdings in State Street Corporation by 6.5% during the second quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock worth $361,000 after buying an additional 240 shares in the last quarter. Finally, Arvest Bank Trust Division boosted its holdings in State Street Corporation by 1.1% during the second quarter. Arvest Bank Trust Division now owns 197,863 shares of the asset manager’s stock worth $17,754,000 after buying an additional 2,084 shares in the last quarter. 87.68% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the sale, the insider now directly owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $93.38, for a total transaction of $466,900.00. The disclosure for this sale can be found here. Insiders sold a total of 8,814 shares of company stock worth $820,385 over the last ninety days. Insiders own 0.71% of the company’s stock.
State Street Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $1.40 billion in outstanding shares. This buyback authorization permits the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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.
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