Q3 2016 EPS Estimates for State Street Corp. Raised by Analyst (STT)
State Street Corp. (NYSE:STT) – Equities researchers at Jefferies Group boosted their Q3 2016 earnings estimates for shares of State Street Corp. in a note issued to investors on Monday. Jefferies Group analyst K. Usdin now expects that the firm will post earnings per share of $1.25 for the quarter, up from their previous forecast of $1.24. Jefferies Group has a “Buy” rating and a $81.00 price target on the stock. Jefferies Group also issued estimates for State Street Corp.’s Q4 2016 earnings at $1.36 EPS.
State Street Corp. (NYSE:STT) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.20. The company had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.65 billion. State Street Corp. had a return on equity of 11.22% and a net margin of 20.19%. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.36 earnings per share.
Several other equities analysts have also weighed in on STT. Barclays PLC restated a “buy” rating on shares of State Street Corp. in a report on Saturday, July 9th. Deutsche Bank AG restated a “hold” rating on shares of State Street Corp. in a report on Sunday, July 10th. Keefe, Bruyette & Woods lifted their target price on shares of State Street Corp. from $54.00 to $58.00 and gave the company an “underperform” rating in a report on Thursday, July 28th. Credit Suisse Group AG restated a “hold” rating on shares of State Street Corp. in a report on Tuesday, June 28th. Finally, TheStreet upgraded shares of State Street Corp. from a “hold” rating to a “buy” rating in a report on Thursday, August 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. State Street Corp. presently has an average rating of “Hold” and an average target price of $70.42.
State Street Corp. (NYSE:STT) opened at 70.34 on Tuesday. State Street Corp. has a one year low of $50.60 and a one year high of $75.40. The stock has a market cap of $27.43 billion, a price-to-earnings ratio of 14.35 and a beta of 1.52. The firm’s 50 day moving average price is $70.23 and its 200 day moving average price is $62.88.
Large investors have recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of State Street Corp. during the second quarter worth $113,000. Advisory Services Network LLC raised 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 last quarter. Rockefeller Financial Services Inc. raised its position in State Street Corp. by 86.3% in the second quarter. Rockefeller Financial Services Inc. now owns 2,235 shares of the company’s stock worth $121,000 after buying an additional 1,035 shares during the last quarter. Euclid Advisors LLC purchased a new position in State Street Corp. during the second quarter worth about $147,000. Finally, Peoples Financial Services CORP. raised its position in State Street Corp. by 7.2% in the second quarter. Peoples Financial Services CORP. now owns 2,968 shares of the company’s stock worth $160,000 after buying an additional 200 shares during the last quarter. 86.03% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Jeffrey N. Carp sold 40,196 shares of the business’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $61.76, for a total transaction of $2,482,504.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Karen C. Keenan sold 1,000 shares of the business’s stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $57.51, for a total transaction of $57,510.00. Following the sale, the executive vice president now directly owns 65,883 shares of the company’s stock, valued at approximately $3,788,931.33. The disclosure for this sale can be found here. Corporate insiders own 0.64% of the company’s stock.
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 dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend 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 currently 30.89%.
State Street Corp. Company Profile
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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