State Street Corp. to Post FY2016 Earnings of $5.05 Per Share, Jefferies Group Forecasts (STT)
State Street Corp. (NYSE:STT) – Analysts at Jefferies Group raised their FY2016 earnings estimates for shares of State Street Corp. in a report issued on Monday. Jefferies Group analyst K. Usdin now expects that the firm will post earnings per share of $5.05 for the year, up from their previous estimate of $5.00. Jefferies Group currently has a “Buy” rating and a $81.00 target price on the stock.
Several other equities analysts also recently issued reports on STT. Barclays PLC reissued a “buy” rating on shares of State Street Corp. in a research report on Saturday, July 9th. Deutsche Bank AG reissued a “hold” rating on shares of State Street Corp. in a research report on Sunday, July 10th. Keefe, Bruyette & Woods upped their target price on State Street Corp. from $54.00 to $58.00 and gave the company an “underperform” rating in a research report on Thursday, July 28th. Credit Suisse Group AG reissued a “hold” rating on shares of State Street Corp. in a research report on Tuesday, June 28th. Finally, TheStreet raised State Street Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. State Street Corp. currently has an average rating of “Hold” and a consensus target price of $70.42.
State Street Corp. (NYSE:STT) traded up 0.51% during midday trading on Wednesday, reaching $70.70. The company’s stock had a trading volume of 891,811 shares. 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 $27.57 billion, a price-to-earnings ratio of 14.42 and a beta of 1.52. The stock’s 50 day moving average price is $70.23 and its 200-day moving average price is $62.88.
State Street Corp. (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.46 EPS for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.20. The business had revenue of $2.57 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm earned $1.36 earnings per share.
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. 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 dividend on an annualized basis and a yield of 2.16%. State Street Corp.’s dividend payout ratio (DPR) is currently 30.89%.
In other State Street Corp. news, EVP Karen C. Keenan sold 7,500 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $65.00, for a total value of $487,500.00. Following the completion of the sale, the executive vice president now owns 58,383 shares in the company, valued at approximately $3,794,895. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Karen C. Keenan sold 1,000 shares of the 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 completion of the sale, the executive vice president now 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. 0.64% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in STT. Fuller & Thaler Asset Management Inc. acquired a new stake in State Street Corp. during the second quarter worth approximately $113,000. Advisory Services Network LLC increased its stake 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. increased its stake 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 acquired a new stake in State Street Corp. during the second quarter worth approximately $147,000. Finally, Peoples Financial Services CORP. increased its stake 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. Institutional investors own 86.03% of the company’s stock.
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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