State Street Corp. (STT) Receives Buy Rating from Barclays PLC
A number of other brokerages have also recently issued reports on STT. Jefferies Group boosted their target price on shares of State Street Corp. from $80.00 to $81.00 and gave the company a buy rating in a report on Monday. Keefe, Bruyette & Woods raised shares of State Street Corp. from an underperform rating to a market perform rating in a report on Wednesday, October 5th. Credit Agricole SA boosted their target price on shares of State Street Corp. from $60.00 to $73.00 and gave the company an underperform rating in a report on Friday, September 23rd. Sandler O’Neill cut shares of State Street Corp. from a buy rating to a hold rating and set a $73.00 target price on the stock. in a report on Tuesday, September 6th. Finally, Zacks Investment Research raised shares of State Street Corp. from a hold rating to a buy rating and set a $79.00 target price on the stock in a report on Tuesday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. State Street Corp. currently has an average rating of Hold and an average price target of $70.42.
State Street Corp. (NYSE:STT) opened at 70.34 on Tuesday. The firm has a market cap of $27.43 billion, a P/E ratio of 14.35 and a beta of 1.52. The stock has a 50 day moving average price of $70.23 and a 200 day moving average price of $62.88. State Street Corp. has a 52-week low of $50.60 and a 52-week high of $75.40.
State Street Corp. (NYSE:STT) last issued its earnings results on Wednesday, July 27th. The company reported $1.46 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. Equities analysts predict that State Street Corp. will post $0.02 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be paid a $0.38 dividend. This is an increase from State Street Corp.’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Thursday, September 29th. State Street Corp.’s dividend payout ratio is presently 30.89%.
In related news, EVP Jeffrey N. Carp sold 15,000 shares of the stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $69.26, for a total value of $1,038,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Karen C. Keenan sold 7,500 shares of the stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $70.00, for a total transaction of $525,000.00. Following the completion of the transaction, the executive vice president now directly owns 49,547 shares of the company’s stock, valued at $3,468,290. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in STT. Emerald Acquisition Ltd. bought a new position in State Street Corp. during the second quarter worth about $223,563,000. Evercore Trust Company N.A. bought a new position in State Street Corp. during the second quarter worth about $152,044,000. OMERS ADMINISTRATION Corp bought a new position in State Street Corp. during the second quarter worth about $56,266,000. American Century Companies Inc. increased its position in State Street Corp. by 47.8% in the second quarter. American Century Companies Inc. now owns 2,976,398 shares of the company’s stock worth $160,487,000 after buying an additional 962,464 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in State Street Corp. during the second quarter worth about $30,639,000. 86.03% of the stock is owned by institutional investors.
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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