State Street Corporation (STT) Earns Outperform Rating from Analysts at Wells Fargo & Company
Equities research analysts at Wells Fargo & Company began coverage on shares of State Street Corporation (NYSE:STT) in a research report issued to clients and investors on Wednesday, The Fly reports. The firm set an “outperform” rating on the asset manager’s stock.
Several other analysts have also issued reports on the stock. Zacks Investment Research lowered shares of State Street Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Barclays PLC increased their price target on shares of State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Keefe, Bruyette & Woods reiterated an “underweight” rating on shares of State Street Corporation in a research report on Thursday, July 13th. Buckingham Research reiterated a “buy” rating and set a $107.00 price target (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and increased their price target for the stock from $92.00 to $100.00 in a research report on Wednesday, June 28th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $88.63.
State Street Corporation (NYSE STT) traded down 0.07% on Wednesday, hitting $94.28. 2,131,143 shares of the stock were exchanged. State Street Corporation has a 1-year low of $67.45 and a 1-year high of $96.26. The company has a 50-day moving average price of $91.14 and a 200 day moving average price of $83.10. The company has a market capitalization of $35.27 billion, a PE ratio of 17.41 and a beta of 1.30.
State Street Corporation (NYSE:STT) last announced its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The business’s revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 EPS. Analysts anticipate that State Street Corporation will post $6.15 EPS for the current fiscal year.
State Street Corporation declared that its board has initiated a stock buyback plan on Wednesday, June 28th that allows the company to buyback $1.40 billion in shares. This buyback authorization allows the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
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In other news, Director Amelia C. Fawcett sold 5,000 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $93.38, for a total transaction of $466,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider George E. Sullivan sold 2,718 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $81.81, for a total transaction of $222,359.58. Following the transaction, the insider now directly owns 73,090 shares of the company’s stock, valued at approximately $5,979,492.90. The disclosure for this sale can be found here. Insiders have sold 16,069 shares of company stock valued at $1,422,969 in the last ninety days. Insiders own 0.64% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock valued at $1,876,730,000 after buying an additional 1,180,527 shares during the last quarter. BlackRock Inc. increased its position in State Street Corporation by 2,256.7% in the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock valued at $1,640,284,000 after buying an additional 19,729,678 shares during the last quarter. FMR LLC increased its position in State Street Corporation by 3.5% in the first quarter. FMR LLC now owns 18,048,219 shares of the asset manager’s stock valued at $1,436,818,000 after buying an additional 607,920 shares during the last quarter. Longview Partners Guernsey LTD increased its position in State Street Corporation by 76.9% in the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock valued at $679,210,000 after buying an additional 3,290,082 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its position in State Street Corporation by 9.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,262,504 shares of the asset manager’s stock valued at $418,948,000 after buying an additional 432,832 shares during the last quarter. 88.62% of the stock is owned by hedge funds and other institutional investors.
About State Street Corporation
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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