FY2016 Earnings Estimate for State Street Corp. (STT) Issued By Jefferies Group
State Street Corp. (NYSE:STT) – Stock analysts at Jefferies Group boosted their FY2016 earnings per share (EPS) estimates for shares of State Street Corp. in a report released on Monday. Jefferies Group analyst K. Usdin now expects that the brokerage will post earnings per share of $5.05 for the year, up from their prior forecast of $5.00. Jefferies Group currently has a “Buy” rating and a $81.00 target price on the stock.
State Street Corp. (NYSE:STT) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $1.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.26 by $0.20. The firm had revenue of $2.57 billion for 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 business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period last year, the company earned $1.36 EPS.
A number of other research firms have also weighed in on STT. Barclays PLC reaffirmed a “buy” rating and issued a $71.00 price objective on shares of State Street Corp. in a research note on Tuesday. Keefe, Bruyette & Woods raised State Street Corp. from an “underperform” rating to a “market perform” rating in a research note on Wednesday, October 5th. Credit Agricole SA increased their price target on State Street Corp. from $60.00 to $73.00 and gave the company an “underperform” rating in a research note on Friday, September 23rd. Zacks Investment Research raised State Street Corp. from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research note on Tuesday, September 6th. Finally, Sandler O’Neill lowered State Street Corp. from a “buy” rating to a “hold” rating and set a $73.00 price target for the company. in a research note on Tuesday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $70.42.
Shares of State Street Corp. (NYSE:STT) opened at 68.76 on Wednesday. State Street Corp. has a 12 month low of $50.60 and a 12 month high of $75.40. The company has a market capitalization of $26.82 billion, a price-to-earnings ratio of 14.03 and a beta of 1.52. The stock has a 50 day moving average price of $70.26 and a 200-day moving average price of $62.98.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.21%. This is an increase from State Street Corp.’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 29th. State Street Corp.’s dividend payout ratio is presently 30.89%.
In other State Street Corp. news, EVP Karen C. Keenan sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $57.51, for a total transaction of $57,510.00. Following the transaction, the executive vice president now directly owns 65,883 shares in the company, valued at approximately $3,788,931.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey N. Carp sold 40,196 shares of the firm’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 insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cohen Capital Management Inc. purchased a new position in State Street Corp. during the third quarter valued at approximately $209,000. Community Bank N.A. increased its position in State Street Corp. by 0.8% in the third quarter. Community Bank N.A. now owns 2,334 shares of the company’s stock valued at $163,000 after buying an additional 19 shares during the last quarter. Highland Capital Management LLC purchased a new position in State Street Corp. during the third quarter valued at approximately $244,000. Canandaigua National Bank & Trust Co. increased its position in State Street Corp. by 4.6% in the third quarter. Canandaigua National Bank & Trust Co. now owns 10,275 shares of the company’s stock valued at $715,000 after buying an additional 455 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in State Street Corp. by 2.2% in the third quarter. Nisa Investment Advisors LLC now owns 199,279 shares of the company’s stock valued at $13,876,000 after buying an additional 4,275 shares during the last quarter. Institutional investors own 86.03% of the company’s stock.
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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