Jefferies Group Increases State Street Corp. (STT) Price Target to $81.00
State Street Corp. (NYSE:STT) had its price objective lifted by equities research analysts at Jefferies Group from $80.00 to $81.00 in a research report issued on Monday. The firm currently has a “buy” rating on the stock. Jefferies Group’s price target would suggest a potential upside of 15.15% from the company’s current price.
Other equities analysts have also recently issued reports about the company. Deutsche Bank AG reiterated a “hold” rating on shares of State Street Corp. in a research report on Sunday, July 10th. Barclays PLC restated a “buy” rating on shares of State Street Corp. in a report on Saturday, July 9th. TheStreet upgraded State Street Corp. from a “hold” rating to a “buy” rating in a report on Thursday, August 4th. Citigroup Inc. lifted their target price on State Street Corp. from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Thursday, July 28th. Finally, Keefe, Bruyette & Woods lifted their target price on State Street Corp. from $54.00 to $58.00 and gave the stock an “underperform” rating in a report on Thursday, July 28th. Two 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. State Street Corp. presently has an average rating of “Hold” and an average price target of $70.42.
State Street Corp. (NYSE:STT) opened at 70.34 on Monday. State Street Corp. has a one year low of $50.60 and a one year high of $75.40. The firm has a market cap of $27.43 billion, a price-to-earnings ratio of 14.35 and a beta of 1.52. The company’s 50-day moving average price is $70.23 and its 200-day moving average price is $62.88.
State Street Corp. (NYSE:STT) last issued its quarterly earnings results 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. State Street Corp. had a return on equity of 11.22% and a net margin of 20.19%. The company had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same period last year, the firm earned $1.36 EPS. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, analysts anticipate that State Street Corp. will post $0.02 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be issued a dividend of $0.38 per share. This is a positive change from State Street Corp.’s previous quarterly dividend of $0.34. This represents a $1.52 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Thursday, September 29th. State Street Corp.’s dividend payout ratio (DPR) is 30.89%.
In other news, EVP Karen C. Keenan sold 7,500 shares of State Street Corp. stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $70.00, for a total value 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey N. Carp sold 40,196 shares of State Street Corp. stock in a transaction dated 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. Company insiders own 0.64% of the company’s stock.
Several institutional investors have recently bought and sold shares of STT. Fuller & Thaler Asset Management Inc. acquired a new position in State Street Corp. during the second quarter worth approximately $113,000. Advisory Services Network LLC raised 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 last quarter. Rockefeller Financial Services Inc. raised 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 last quarter. Euclid Advisors LLC acquired a new position in State Street Corp. during the second quarter worth approximately $147,000. Finally, Peoples Financial Services CORP. raised 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 last quarter. Institutional investors and hedge funds 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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