State Street Rating Reiterated by TheStreet (STT)
State Street (NYSE: STT)‘s stock had its “buy” rating reaffirmed by TheStreet in a research note issued on Thursday.
The analysts wrote, “State Street (STT) has been reiterated by TheStreet Ratings as a buy with a ratings score of A- . The company’s strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Jefferies Group reiterated a “buy” rating on shares of State Street in a research note to investors on Monday, March 4th. They now have a $65.00 price target on the stock. Separately, analysts at ISI Group raised their price target on shares of State Street to $64.00 in a research note to investors on Friday, March 1st. Finally, analysts at RBC Capital reiterated an “outperform” rating on shares of State Street in a research note to investors on Friday, March 1st. They now have a $58.00 price target on the stock.
Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $58.90.
Shares of State Street (NYSE: STT) traded down 1.80% during mid-day trading on Thursday, hitting $59.44. State Street has a one year low of $38.95 and a one year high of $60.65. The stock’s 50-day moving average is currently $57.52. The company has a market cap of $27.157 billion and a P/E ratio of 14.41.
State Street (NYSE: STT) last announced its earnings results on Friday, January 18th. The company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.10. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company posted $0.93 earnings per share. The company’s quarterly revenue was up 7.0% on a year-over-year basis. Analysts expect that State Street will post $4.45 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, April 12th. Stockholders of record on Monday, April 1st will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Wednesday, March 27th. This is a boost from State Street’s previous quarterly dividend of $0.24.
State Street Corporation (NYSE: STT) is a financial holding company. Through its subsidiaries, including its principal banking subsidiary, State Street Bank and Trust Company (State Street Bank), the Company provides a range of financial products and services to institutional investors worldwide.
To view TheStreet’s full report, visit www.thestreetratings.com
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