State Street Corp. (STT) Shares Gap Up to $54.81
State Street Corp. (NYSE:STT)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $54.18, but opened at $54.81. State Street Corp. shares last traded at $55.98, with a volume of 1,123,980 shares traded.
A number of research firms have commented on STT. Deutsche Bank AG reaffirmed a “hold” rating on shares of State Street Corp. in a report on Saturday, June 4th. Zacks Investment Research downgraded shares of State Street Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, March 29th. Buckingham Research reaffirmed a “buy” rating on shares of State Street Corp. in a report on Tuesday, June 21st. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $65.00 price objective on shares of State Street Corp. in a report on Monday, May 9th. Finally, Argus reaffirmed a “buy” rating on shares of State Street Corp. in a report on Friday, April 29th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. State Street Corp. presently has an average rating of “Hold” and a consensus target price of $66.85.
The firm has a market cap of $22.26 billion and a PE ratio of 12.84. The company has a 50 day moving average of $57.49 and a 200 day moving average of $58.25.
State Street Corp. (NYSE:STT) last released its quarterly earnings results on Wednesday, April 27th. The company reported $0.98 EPS for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.08. During the same period in the prior year, the business earned $1.17 EPS. The business had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.57 billion. The company’s revenue for the quarter was down .5% compared to the same quarter last year. On average, equities analysts anticipate that State Street Corp. will post $4.74 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 18th. Stockholders of record on Friday, July 1st will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Wednesday, June 29th.
In other news, EVP Jeffrey N. Carp sold 45,000 shares of the firm’s stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $53.80, for a total transaction of $2,421,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.
Several large investors have added to or reduced their stakes in STT. Dimensional Fund Advisors LP raised its stake in State Street Corp. by 28.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,253,932 shares of the company’s stock worth $83,212,000 after buying an additional 278,180 shares in the last quarter. Alpine Woods Capital Investors LLC purchased a new position in State Street Corp. during the fourth quarter worth about $8,169,000. Davis Capital Partners LLC increased its position in State Street Corp. by 7.7% in the fourth quarter. Davis Capital Partners LLC now owns 420,000 shares of the company’s stock worth $27,871,000 after buying an additional 30,000 shares during the last quarter. Suntrust Banks Inc. increased its position in State Street Corp. by 53.7% in the fourth quarter. Suntrust Banks Inc. now owns 68,646 shares of the company’s stock worth $4,554,000 after buying an additional 23,976 shares during the last quarter. Finally, Guinness Asset Management Ltd increased its position in State Street Corp. by 5.0% in the fourth quarter. Guinness Asset Management Ltd now owns 34,070 shares of the company’s stock worth $2,261,000 after buying an additional 1,620 shares during the last quarter.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.