State Street Corp. (STT) Raised to Market Perform at Keefe, Bruyette & Woods
Other equities analysts have also recently issued reports about the stock. Jefferies Group reiterated a buy rating and set a $74.00 price objective (up from $63.00) on shares of State Street Corp. in a research report on Thursday, July 28th. Buckingham Research reiterated a buy rating on shares of State Street Corp. in a research report on Tuesday, June 21st. Barclays PLC reiterated a buy rating on shares of State Street Corp. in a research report on Saturday, July 9th. TheStreet upgraded shares of State Street Corp. from a hold rating to a buy rating in a research report on Thursday, August 4th. 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 on the stock in a research report on Tuesday, September 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. State Street Corp. has a consensus rating of Hold and a consensus price target of $70.35.
Shares of State Street Corp. (NYSE:STT) opened at 72.26 on Wednesday. State Street Corp. has a 1-year low of $50.60 and a 1-year high of $75.40. The company has a 50-day moving average price of $70.11 and a 200-day moving average price of $62.69. The stock has a market cap of $28.18 billion, a price-to-earnings ratio of 14.74 and a beta of 1.52.
State Street Corp. (NYSE:STT) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.46 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 business had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same quarter last year, the business earned $1.36 earnings per share. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities analysts expect that State Street Corp. will post $0.02 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be issued a dividend of $0.38 per share. This is an increase from State Street Corp.’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, September 29th. This represents a $1.52 annualized dividend and a dividend yield of 2.10%. State Street Corp.’s payout ratio is presently 30.89%.
In other news, EVP Karen C. Keenan sold 1,000 shares of the business’s stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $57.51, for a total transaction of $57,510.00. Following the transaction, the executive vice president now owns 65,883 shares in the company, valued at approximately $3,788,931.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey N. Carp sold 40,196 shares of the business’s stock in a transaction dated 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. Insiders own 0.64% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. 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 valued at $1,232,474,000 after buying an additional 215,857 shares during the last quarter. FMR LLC boosted its stake 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 last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake 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 last quarter. BlackRock Fund Advisors boosted its stake 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 last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in State Street Corp. during the second quarter worth $223,563,000. Institutional investors own 86.03% of the company’s stock.
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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