State Street Corp. (NYSE:STT) – Stock analysts at Credit Agricole SA increased their Q3 2016 earnings per share estimates for shares of State Street Corp. in a report released on Tuesday. Credit Agricole SA analyst M. Mayo now anticipates that the brokerage will earn $1.27 per share for the quarter, up from their previous forecast of $1.25. Credit Agricole SA has a “Underperform” rating and a $73.00 price objective on the stock.
STT has been the subject of a number of other research reports. Barclays PLC reiterated a “buy” rating on shares of State Street Corp. in a report on Saturday, July 9th. Deutsche Bank AG reiterated a “hold” rating on shares of State Street Corp. in a report on Sunday, July 10th. Keefe, Bruyette & Woods lifted their price objective 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 reiterated a “hold” rating on shares of State Street Corp. in a report on Tuesday, June 28th. Finally, Zacks Investment Research upgraded shares of State Street Corp. from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Tuesday, September 6th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $70.35.
Shares of State Street Corp. (NYSE:STT) opened at 70.44 on Wednesday. The firm has a 50-day moving average of $69.65 and a 200-day moving average of $62.07. The stock has a market cap of $27.47 billion, a PE ratio of 14.37 and a beta of 1.49. State Street Corp. has a one year low of $50.60 and a one year high of $75.40.
State Street Corp. (NYSE:STT) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $1.46 earnings per share for the quarter, topping 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 net margin of 20.19% and a return on equity of 11.22%. The business’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.36 earnings per share.
The business also recently announced 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 is Thursday, September 29th. This is a boost 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 27.64%.
In related news, EVP Karen C. Keenan sold 7,500 shares of State Street Corp. stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $70.00, for a total value of $525,000.00. Following the completion of the sale, the executive vice president now directly owns 49,547 shares in the company, valued at approximately $3,468,290. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey N. Carp sold 40,196 shares of State Street Corp. stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $61.76, for a total transaction of $2,482,504.96. 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 the company. Fuller & Thaler Asset Management Inc. bought a new stake in State Street Corp. during the second quarter worth approximately $113,000. Advisory Services Network LLC boosted its stake in shares of State Street Corp. by 4.4% in the second quarter. Advisory Services Network LLC now owns 2,154 shares of the company’s stock valued at $116,000 after buying an additional 90 shares during the last quarter. Rockefeller Financial Services Inc. boosted its stake in shares of State Street Corp. by 86.3% in the second quarter. Rockefeller Financial Services Inc. now owns 2,235 shares of the company’s stock valued at $121,000 after buying an additional 1,035 shares during the last quarter. Euclid Advisors LLC acquired a new stake in shares of State Street Corp. during the second quarter valued at approximately $147,000. Finally, Peoples Financial Services CORP. boosted its stake in shares of State Street Corp. by 7.2% in the second quarter. Peoples Financial Services CORP. now owns 2,968 shares of the company’s stock valued at $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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