State Street Corp (STT) Given Average Rating of “Hold” by Analysts
Shares of State Street Corp (NYSE:STT) have been assigned an average rating of “Hold” from the nineteen brokerages that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $90.81.
Several research analysts recently commented on STT shares. Zacks Investment Research lowered State Street Corp from a “buy” rating to a “hold” rating in a research report on Tuesday. Barclays PLC lifted their price target on State Street Corp from $95.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Bank of America Corporation reiterated a “neutral” rating and issued a $88.00 price target on shares of State Street Corp in a research report on Friday, May 26th. Keefe, Bruyette & Woods set a $93.00 price target on State Street Corp and gave the stock a “hold” rating in a research report on Monday. Finally, BidaskClub upgraded State Street Corp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th.
In other news, insider Andrew Erickson sold 353 shares of State Street Corp stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of the sale, the insider now owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Joseph L. Hooley sold 5,666 shares of State Street Corp stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $497,928.08. The disclosure for this sale can be found here. Insiders have sold 17,136 shares of company stock valued at $1,551,722 in the last ninety days. Insiders own 0.71% of the company’s stock.
Several hedge funds have recently bought and sold shares of STT. Parallel Advisors LLC increased its stake in State Street Corp by 18.0% in the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after buying an additional 172 shares in the last quarter. Penserra Capital Management LLC bought a new stake in State Street Corp during the second quarter valued at $107,000. Bronfman E.L. Rothschild L.P. increased its stake in State Street Corp by 15.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after buying an additional 168 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in State Street Corp during the first quarter valued at $123,000. Finally, FTB Advisors Inc. increased its stake in State Street Corp by 15.7% in the first quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock valued at $127,000 after buying an additional 207 shares in the last quarter. 87.34% of the stock is owned by hedge funds and other institutional investors.
Shares of State Street Corp (STT) traded up 0.40% during mid-day trading on Wednesday, hitting $92.37. The company had a trading volume of 678,390 shares. The company’s 50-day moving average is $92.74 and its 200 day moving average is $84.75. State Street Corp has a one year low of $68.16 and a one year high of $96.26. The company has a market capitalization of $34.54 billion, a PE ratio of 17.06 and a beta of 1.30.
State Street Corp (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. State Street Corp had a return on equity of 12.67% and a net margin of 22.06%. The firm’s revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the business posted $1.46 earnings per share. On average, equities research analysts forecast that State Street Corp will post $6.15 EPS for the current fiscal year.
State Street Corp announced that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in shares. This buyback authorization authorizes the asset manager to buy 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 stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Friday, September 29th. This is an increase from State Street Corp’s previous quarterly dividend of $0.38. State Street Corp’s payout ratio is currently 28.15%.
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State Street Corp Company Profile
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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