State Street Corporation (STT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of State Street Corporation (NYSE:STT) from a hold rating to a buy rating in a research report sent to investors on Wednesday. They currently have $103.00 price objective on the asset manager’s stock.
According to Zacks, “Shares of State Street have significantly outperformed the industry, over the last six months. This performance was supported by the company’s impressive earnings surprise history. It hasn’t missed the Zacks Consensus Estimate for earnings in any of the trailing four quarters. Further, the company remains on track to improve efficiency through its multi-year restructuring plan. New business wins, synergies from GE Asset Management deal, easing margin pressure and potential lesser regulations are likely to aid top-line growth. Though mounting expenses (owing to higher compensation and employee benefit costs) might hurt profitability in the near-term, given a solid liquidity position, the company is expected to continue with its capital deployment activities.”
Other equities analysts also recently issued reports about the company. Wells Fargo & Company initiated coverage on State Street Corporation in a research report on Wednesday, August 9th. They set an outperform rating and a $115.00 price target on the stock. Barclays PLC upped their target price on State Street Corporation from $95.00 to $104.00 and gave the company an overweight rating in a research report on Thursday, July 27th. Keefe, Bruyette & Woods set a $93.00 target price on State Street Corporation and gave the company a hold rating in a research report on Monday. Buckingham Research reaffirmed a buy rating and issued a $107.00 price target (up from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Finally, BidaskClub raised shares of State Street Corporation from a buy rating to a strong-buy rating in a report on Thursday, June 22nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $90.41.
Shares of State Street Corporation (STT) opened at 92.40 on Wednesday. The firm has a 50-day moving average price of $92.74 and a 200-day moving average price of $84.75. The company has a market capitalization of $34.55 billion, a P/E ratio of 17.06 and a beta of 1.30. State Street Corporation has a one year low of $68.16 and a one year high of $96.26.
State Street Corporation (NYSE:STT) last announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. The firm had revenue of $2.81 billion during 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%. State Street Corporation’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.46 earnings per share. Equities analysts forecast that State Street Corporation will post $6.15 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be issued a $0.42 dividend. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.82%. State Street Corporation’s dividend payout ratio is presently 28.15%.
State Street Corporation announced that its board has approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $1.40 billion in shares. This repurchase authorization allows the asset manager to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
In other State Street Corporation news, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $93.38, for a total value of $466,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Joseph L. Hooley sold 5,666 shares of the stock in a transaction dated 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. In the last quarter, insiders sold 17,136 shares of company stock valued at $1,551,722. 0.71% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. increased its stake in shares of State Street Corporation by 2,677.8% in the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock worth $131,000 after buying an additional 964 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of State Street Corporation by 18.0% in the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock worth $105,000 after buying an additional 172 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in shares of State Street Corporation during the second quarter worth about $107,000. Bronfman E.L. Rothschild L.P. increased its stake in shares of State Street Corporation by 15.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after buying an additional 168 shares in the last quarter. Finally, NEXT Financial Group Inc increased its stake in shares of State Street Corporation by 5.5% in the second quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock worth $130,000 after buying an additional 75 shares in the last quarter. Institutional investors own 87.34% of the company’s stock.
State Street Corporation 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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