State Street Corporation (STT) Earning Somewhat Positive Press Coverage, Report Finds
Media coverage about State Street Corporation (NYSE:STT) has trended somewhat positive this week, Accern Sentiment reports. The research group identifies positive and negative press coverage by reviewing more than 20 million blog and news sources in real time. Accern ranks coverage of publicly-traded companies on a scale of negative one to positive one, with scores closest to one being the most favorable. State Street Corporation earned a media sentiment score of 0.15 on Accern’s scale. Accern also assigned media headlines about the asset manager an impact score of 46.6012522989082 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the near future.
These are some of the media headlines that may have impacted Accern’s scoring:
- State Street Corporation (STT) Given Consensus Recommendation of “Hold” by Brokerages (americanbankingnews.com)
- State Street : Named Top Hedge Fund Administrator (4-traders.com)
- State Street Launches Growth Readiness Indicator (finance.yahoo.com)
- State Street Named Top Hedge Fund Administrator (finance.yahoo.com)
- State Street Embraces Artificial Intelligence (finance.yahoo.com)
Shares of State Street Corporation (NYSE:STT) opened at 94.44 on Tuesday. The stock has a 50 day moving average of $93.36 and a 200 day moving average of $86.39. The company has a market cap of $35.32 billion, a price-to-earnings ratio of 17.44 and a beta of 1.31. State Street Corporation has a 12-month low of $68.16 and a 12-month high of $96.39.
State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 earnings per share. Analysts forecast that State Street Corporation will post $6.16 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is currently 28.15%.
State Street Corporation announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $1.40 billion in outstanding shares. This buyback authorization allows the asset manager to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Several equities research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $106.00 target price for the company in a report on Tuesday, September 19th. Jefferies Group LLC restated a “hold” rating and issued a $100.00 target price on shares of State Street Corporation in a report on Friday, September 15th. Keefe, Bruyette & Woods set a $93.00 target price on shares of State Street Corporation and gave the stock a “hold” rating in a report on Monday, August 28th. Wells Fargo & Company initiated coverage on shares of State Street Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 target price for the company. Finally, Barclays PLC lifted their price objective on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $93.80.
In other news, insider Andrew Erickson sold 353 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total transaction of $32,832.53. Following the sale, the insider now owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The disclosure for this sale can be found here. Insiders have sold 8,814 shares of company stock worth $820,385 in the last three months. Corporate insiders own 0.71% of the company’s stock.
State Street Corporation Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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