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.

TRADEMARK VIOLATION WARNING: This piece was first posted by American Banking News and is the property of of American Banking News. If you are viewing this piece on another publication, it was illegally stolen and reposted in violation of U.S. and international copyright & trademark legislation. The original version of this piece can be viewed at https://www.americanbankingnews.com/2017/10/25/state-street-corporation-stt-forecasted-to-post-fy2017-earnings-of-6-24-per-share.html.

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.

Earnings History and Estimates for State Street Corporation (NYSE:STT)

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.