State Street Corp. (NYSE:STT) had its price objective boosted by investment analysts at Credit Agricole SA from $60.00 to $73.00 in a report released on Friday. The brokerage currently has an “underperform” rating on the stock. Credit Agricole SA’s price objective would indicate a potential upside of 2.76% from the company’s previous close.
A number of other brokerages also recently commented on STT. Deutsche Bank AG lowered their target price on State Street Corp. from $67.00 to $64.00 and set a “hold” rating on the stock in a research note on Thursday, June 16th. Credit Suisse Group AG restated a “hold” rating on shares of State Street Corp. in a research note on Tuesday, June 28th. Jefferies Group upped their target price on State Street Corp. from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, September 6th. Barclays PLC restated a “buy” rating on shares of State Street Corp. in a research note on Saturday, July 9th. Finally, Keefe, Bruyette & Woods increased their price target on State Street Corp. from $54.00 to $58.00 and gave the stock an “underperform” rating in a research report on Thursday, July 28th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $70.35.
State Street Corp. (NYSE:STT) traded down 0.37% during mid-day trading on Friday, reaching $70.78. The company’s stock had a trading volume of 255,248 shares. The firm’s 50 day moving average is $69.35 and its 200-day moving average is $61.67. State Street Corp. has a 12-month low of $50.60 and a 12-month high of $75.40. The company has a market cap of $27.61 billion, a PE ratio of 14.44 and a beta of 1.49.
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State Street Corp. (NYSE:STT) last issued its earnings results on Wednesday, July 27th. The company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. The company’s revenue was down 1.3% compared to the same quarter last year. Equities analysts anticipate that State Street Corp. will post $0.02 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors 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 2.14%. The ex-dividend date of this dividend is Thursday, September 29th. This is a boost from State Street Corp.’s previous quarterly dividend of $0.34. State Street Corp.’s dividend payout ratio (DPR) is currently 27.64%.
In related news, EVP Jeffrey N. Carp sold 45,000 shares of the stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $53.80, for a total value of $2,421,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Karen C. Keenan sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $57.51, for a total value of $57,510.00. Following the completion of the transaction, the executive vice president now owns 65,883 shares of the company’s stock, valued at $3,788,931.33. The disclosure for this sale can be found here. 0.64% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of State Street Corp. during the second quarter valued at $862,000. Kentucky Retirement Systems acquired a new position in shares of State Street Corp. during the second quarter valued at $1,815,000. Nomura Holdings Inc. acquired a new position in shares of State Street Corp. during the second quarter valued at $280,000. Mason Street Advisors LLC acquired a new position in shares of State Street Corp. during the second quarter valued at $2,876,000. Finally, ST Germain D J Co. Inc. raised its position in shares of State Street Corp. by 4.5% in the second quarter. ST Germain D J Co. Inc. now owns 13,150 shares of the company’s stock valued at $709,000 after buying an additional 567 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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