State Street Corp. (NYSE:STT) was upgraded by research analysts at Keefe, Bruyette & Woods from an “underperform” rating to a “market perform” rating in a research report issued to clients and investors on Wednesday, StockTargetPrices.com reports.
STT has been the topic of a number of other reports. Citigroup Inc. lifted their price objective on shares of State Street Corp. from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. Zacks Investment Research upgraded shares of State Street Corp. from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a report on Tuesday, September 6th. Deutsche Bank AG lifted their price objective on shares of State Street Corp. from $70.00 to $73.00 and gave the company a “hold” rating in a report on Friday, September 9th. Buckingham Research reiterated a “buy” rating on shares of State Street Corp. in a report on Tuesday, June 21st. Finally, Jefferies Group reiterated a “buy” rating on shares of State Street Corp. in a report on Friday, August 5th. Two investment 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. The stock has a consensus rating of “Hold” and a consensus price target of $70.35.
State Street Corp. (NYSE:STT) opened at 71.35 on Wednesday. The company’s 50-day moving average is $69.82 and its 200 day moving average is $62.46. The firm has a market capitalization of $27.83 billion, a PE ratio of 14.56 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 Zacks’ consensus estimate 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 company had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same period last year, the company earned $1.36 earnings per share. The firm’s revenue was down 1.3% compared to the same quarter last year. On average, equities analysts expect that State Street Corp. will post $0.02 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Thursday, September 29th. This is a boost from State Street Corp.’s previous quarterly dividend of $0.34. State Street Corp.’s payout ratio is presently 30.89%.
In other news, EVP Jeffrey N. Carp sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $55.00, for a total value of $275,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Karen C. Keenan sold 7,500 shares of the business’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $65.00, for a total transaction of $487,500.00. Following the completion of the sale, the executive vice president now directly owns 58,383 shares of the company’s stock, valued at approximately $3,794,895. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in State Street Corp. by 1.0% in the second quarter. Vanguard Group Inc. now owns 22,857,482 shares of the company’s stock worth $1,232,474,000 after buying an additional 215,857 shares during the period. FMR LLC increased its position in State Street Corp. by 1.1% in the second quarter. FMR LLC now owns 14,399,518 shares of the company’s stock worth $776,423,000 after buying an additional 154,343 shares during the period. Hotchkis & Wiley Capital Management LLC increased its position in State Street Corp. by 0.8% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 5,016,172 shares of the company’s stock worth $270,472,000 after buying an additional 42,105 shares during the period. BlackRock Fund Advisors increased its position in State Street Corp. by 0.8% in the second quarter. BlackRock Fund Advisors now owns 4,452,751 shares of the company’s stock worth $240,092,000 after buying an additional 36,669 shares during the period. Finally, Emerald Acquisition Ltd. bought a new position in State Street Corp. during the second quarter worth approximately $223,563,000. 86.03% of the stock is owned by institutional investors and hedge funds.
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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