State Street Corp. (STT) Price Target Raised to $81.00 at Jefferies Group
State Street Corp. (NYSE:STT) had its price objective lifted by research analysts at Jefferies Group from $80.00 to $81.00 in a research report issued on Monday. The firm presently has a “buy” rating on the stock. Jefferies Group’s price objective would suggest a potential upside of 12.10% from the company’s current price.
A number of other research analysts have also recently issued reports on STT. Deutsche Bank AG cut their price target on State Street Corp. from $67.00 to $64.00 and set a “hold” rating for the company in a report on Thursday, June 16th. Buckingham Research reaffirmed a “buy” rating on shares of State Street Corp. in a report on Tuesday, June 21st. Credit Suisse Group AG reaffirmed a “hold” rating on shares of State Street Corp. in a report on Tuesday, June 28th. Barclays PLC reaffirmed a “buy” rating on shares of State Street Corp. in a report on Saturday, July 9th. Finally, Citigroup Inc. lifted their price target on State Street Corp. from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $70.42.
Shares of State Street Corp. (NYSE:STT) traded down 0.048% on Monday, hitting $72.225. 826,276 shares of the company’s stock traded hands. The company has a market cap of $28.17 billion, a price-to-earnings ratio of 14.734 and a beta of 1.52. State Street Corp. has a 1-year low of $50.60 and a 1-year high of $75.40. The firm’s 50-day moving average price is $70.11 and its 200 day moving average price is $62.69.
State Street Corp. (NYSE:STT) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.20. State Street Corp. had a return on equity of 11.22% and a net margin of 20.19%. The business earned $2.57 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the previous year, the business posted $1.36 earnings per share. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. On average, equities research analysts expect that State Street Corp. will post $0.02 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This is a positive change from State Street Corp.’s previous quarterly dividend of $0.34. This represents a $1.52 annualized dividend and a dividend yield of 2.10%. State Street Corp.’s payout ratio is currently 30.89%.
In related news, EVP Jeffrey N. Carp sold 40,196 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $61.76, for a total value of $2,482,504.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Karen C. Keenan sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 20th. The shares were sold at an average price of $57.51, for a total value of $57,510.00. Following the completion of the transaction, the executive vice president now owns 65,883 shares of the company’s stock, valued at $3,788,931.33. The disclosure for this sale can be found here. 0.64% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the stock. Alpha Windward LLC raised its position in shares of State Street Corp. by 1.2% in the second quarter. Alpha Windward LLC now owns 3,553 shares of the company’s stock valued at $192,000 after buying an additional 41 shares in the last quarter. Pennsylvania Trust Co increased its position in State Street Corp. by 1.2% in the second quarter. Pennsylvania Trust Co now owns 3,905 shares of the company’s stock worth $211,000 after buying an additional 45 shares during the period. Brinker Capital Inc. increased its position in State Street Corp. by 0.6% in the second quarter. Brinker Capital Inc. now owns 10,548 shares of the company’s stock worth $572,000 after buying an additional 62 shares during the period. Advisory Services Network LLC increased its position in State Street Corp. by 4.4% in the second quarter. Advisory Services Network LLC now owns 2,154 shares of the company’s stock worth $116,000 after buying an additional 90 shares during the period. Finally, World Asset Management Inc increased its position in State Street Corp. by 0.3% in the second quarter. World Asset Management Inc now owns 39,856 shares of the company’s stock worth $2,149,000 after buying an additional 116 shares during the period. Institutional investors and hedge funds own 86.03% of the company’s stock.
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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