State Street Corp. (NYSE:STT) – Jefferies Group boosted their Q3 2016 EPS estimates for shares of State Street Corp. in a report released on Monday. Jefferies Group analyst K. Usdin now expects that the firm will post earnings of $1.25 per share for the quarter, up from their prior forecast of $1.24. Jefferies Group has a “Buy” rating and a $81.00 price objective on the stock. Jefferies Group also issued estimates for State Street Corp.’s Q4 2016 earnings at $1.36 EPS.
Other equities analysts have also issued research reports about the company. Deutsche Bank AG restated a “hold” rating on shares of State Street Corp. in a research note on Sunday, July 10th. Barclays PLC restated a “buy” rating on shares of State Street Corp. in a research note on Saturday, July 9th. TheStreet upgraded State Street Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, August 4th. Citigroup Inc. lifted their price target on State Street Corp. from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, July 28th. Finally, Keefe, Bruyette & Woods boosted their price objective on State Street Corp. from $54.00 to $58.00 and gave the stock an “underperform” rating in a research note on Thursday, July 28th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. State Street Corp. currently has an average rating of “Hold” and an average target price of $70.42.
Shares of State Street Corp. (NYSE:STT) opened at 70.34 on Tuesday. The stock has a 50 day moving average price of $70.23 and a 200 day moving average price of $62.88. The company has a market capitalization of $27.43 billion, a price-to-earnings ratio of 14.35 and a beta of 1.52. State Street Corp. has a 1-year low of $50.60 and a 1-year high of $75.40.
State Street Corp. (NYSE:STT) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.20. The business earned $2.57 billion during 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 company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period last year, the company earned $1.36 EPS.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STT. Fuller & Thaler Asset Management Inc. purchased a new position in State Street Corp. during the second quarter worth approximately $113,000. Advisory Services Network LLC boosted 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 period. Rockefeller Financial Services Inc. boosted 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 period. Euclid Advisors LLC purchased a new position in State Street Corp. during the second quarter worth approximately $147,000. Finally, Peoples Financial Services CORP. boosted 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 period. Institutional investors own 86.03% of the company’s stock.
In other State Street Corp. news, EVP Karen C. Keenan sold 7,500 shares of the company’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $70.00, for a total transaction of $525,000.00. Following the transaction, the executive vice president now directly owns 49,547 shares in the company, valued at $3,468,290. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey N. Carp sold 40,196 shares of the company’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $61.76, for a total value of $2,482,504.96. The disclosure for this sale can be found here. 0.64% of the stock is owned by corporate insiders.
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 issued a $0.38 dividend. The ex-dividend date of this dividend 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 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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