State Street Corporation (NYSE:STT) – Analysts at Jefferies Group boosted their Q3 2017 earnings per share (EPS) estimates for shares of State Street Corporation in a research report issued on Thursday. Jefferies Group analyst K. Usdin now forecasts that the asset manager will post earnings of $1.65 per share for the quarter, up from their previous estimate of $1.60. Jefferies Group has a “Hold” rating and a $100.00 price objective on the stock. Jefferies Group also issued estimates for State Street Corporation’s Q4 2017 earnings at $1.76 EPS, FY2017 earnings at $6.17 EPS, Q1 2018 earnings at $1.45 EPS, Q2 2018 earnings at $1.86 EPS, Q3 2018 earnings at $1.77 EPS, Q4 2018 earnings at $1.88 EPS, FY2018 earnings at $6.95 EPS and FY2019 earnings at $7.50 EPS.
A number of other analysts have also recently commented on STT. BidaskClub upgraded State Street Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 22nd. Royal Bank Of Canada reiterated a “hold” rating and set a $86.00 target price on shares of State Street Corporation in a research report on Friday, June 23rd. Goldman Sachs Group, Inc. (The) upgraded State Street Corporation from a “buy” rating to a “conviction-buy” rating and lifted their target price for the stock from $92.00 to $100.00 in a research report on Wednesday, June 28th. Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the stock a “hold” rating in a research report on Saturday, July 1st. Finally, Buckingham Research reiterated a “buy” rating and set a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. State Street Corporation has an average rating of “Hold” and an average target price of $94.73.
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State Street Corporation (STT) opened at 99.17 on Monday. State Street Corporation has a one year low of $68.16 and a one year high of $99.99. The stock has a 50 day moving average price of $94.70 and a 200-day moving average price of $88.32. The firm has a market capitalization of $37.09 billion, a price-to-earnings ratio of 18.31 and a beta of 1.31.
State Street Corporation (NYSE:STT) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The company’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.46 earnings per share.
Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC boosted its holdings in State Street Corporation by 18.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after purchasing an additional 172 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in State Street Corporation in the 2nd quarter valued at approximately $107,000. Bronfman E.L. Rothschild L.P. boosted its holdings in State Street Corporation by 15.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after purchasing an additional 168 shares in the last quarter. NEXT Financial Group Inc boosted its holdings in State Street Corporation by 5.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after purchasing an additional 75 shares in the last quarter. Finally, Salem Investment Counselors Inc. boosted its holdings in State Street Corporation by 2,677.8% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after purchasing an additional 964 shares in the last quarter. Hedge funds and other institutional investors own 87.42% of the company’s stock.
In related news, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the completion of the transaction, the insider now owns 39,896 shares in the company, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. Insiders sold a total of 8,814 shares of company stock worth $820,385 in the last 90 days. 0.71% of the stock is currently owned by insiders.
State Street Corporation announced that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.69%. The ex-dividend date is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is 31.11%.
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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