Credit Agricole SA Analysts Reduce Earnings Estimates for State Street Corp. (STT)
State Street Corp. (NYSE:STT) – Analysts at Credit Agricole SA decreased their Q4 2016 earnings per share (EPS) estimates for State Street Corp. in a research report issued on Tuesday. Credit Agricole SA analyst M. Mayo now forecasts that the firm will earn $1.34 per share for the quarter, down from their previous estimate of $1.36. Credit Agricole SA has a “Underperform” rating and a $73.00 price target on the stock.
STT has been the subject of a number of other reports. Deutsche Bank AG boosted their target price on shares of State Street Corp. from $70.00 to $73.00 and gave the company a “hold” rating in a research note on Friday, September 9th. Credit Suisse Group AG reaffirmed a “hold” rating on shares of State Street Corp. in a research note on Tuesday, June 28th. Buckingham Research reaffirmed a “buy” rating on shares of State Street Corp. in a research note on Tuesday, June 21st. Jefferies Group upped their price objective on shares of State Street Corp. from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, September 6th. Finally, Sandler O’Neill lowered shares of State Street Corp. from a “buy” rating to a “hold” rating and set a $73.00 price objective for the company. in a research note on Tuesday, September 6th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. State Street Corp. has a consensus rating of “Hold” and a consensus price target of $70.35.
Shares of State Street Corp. (NYSE:STT) opened at 68.59 on Thursday. The stock has a 50 day moving average of $69.68 and a 200-day moving average of $62.11. State Street Corp. has a 52 week low of $50.60 and a 52 week high of $75.40. The company has a market capitalization of $26.75 billion, a price-to-earnings ratio of 13.99 and a beta of 1.49.
State Street Corp. (NYSE:STT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.20. State Street Corp. had a net margin of 20.19% and a return on equity of 11.22%. The firm earned $2.57 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same period in the previous year, the business posted $1.36 earnings per share. The business’s revenue for the quarter was down 1.3% on a year-over-year basis.
A number of institutional investors have recently modified their holdings of the company. Virginia Retirement System acquired a new position in shares of State Street Corp. during the first quarter valued at $383,000. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of State Street Corp. by 4.0% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 107,454 shares of the company’s stock valued at $6,288,000 after buying an additional 4,135 shares during the period. Prudential Financial Inc. increased its position in shares of State Street Corp. by 11.9% in the first quarter. Prudential Financial Inc. now owns 860,131 shares of the company’s stock valued at $50,335,000 after buying an additional 91,500 shares during the period. Continental Advisors LLC increased its position in shares of State Street Corp. by 80.7% in the first quarter. Continental Advisors LLC now owns 29,100 shares of the company’s stock valued at $1,703,000 after buying an additional 13,000 shares during the period. Finally, FDO Partners LLC acquired a new position in shares of State Street Corp. during the first quarter valued at $271,000. Institutional investors own 86.03% of the company’s stock.
In related news, EVP Jeffrey N. Carp sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $55.00, for a total value of $275,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Karen C. Keenan sold 7,500 shares of the stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $65.00, for a total transaction of $487,500.00. Following the completion of the transaction, the executive vice president now owns 58,383 shares in the company, valued at approximately $3,794,895. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by corporate insiders.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.22%. The ex-dividend date is Thursday, September 29th. This is an increase from State Street Corp.’s previous quarterly dividend of $0.34. State Street Corp.’s dividend payout ratio is 27.64%.
About State Street Corp.
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.
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