Credit Suisse Group AG Reaffirms “Neutral” Rating for State Street Corp (STT)
State Street Corp (NYSE:STT)‘s stock had its “neutral” rating reaffirmed by investment analysts at Credit Suisse Group AG in a research report issued to clients and investors on Tuesday. They presently have a $82.00 price target on the stock, up from their previous price target of $80.00. Credit Suisse Group AG’s price target would indicate a potential upside of 6.78% from the stock’s current price.
A number of other equities analysts have also recently weighed in on the stock. Evercore ISI cut shares of State Street Corp from a “hold” rating to an “underperform” rating and set a $82.00 price objective for the company. in a research report on Friday, March 3rd. Morgan Stanley raised shares of State Street Corp from an “underweight” rating to an “equal weight” rating in a research report on Tuesday, January 31st. Zacks Investment Research cut shares of State Street Corp from a “buy” rating to a “hold” rating in a research report on Friday, January 27th. Argus cut shares of State Street Corp from a “buy” rating to a “hold” rating in a research report on Thursday, January 26th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $89.00 price objective on shares of State Street Corp in a research report on Wednesday, January 11th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $79.42.
State Street Corp (NYSE:STT) traded up 0.63% during mid-day trading on Tuesday, hitting $76.79. The stock had a trading volume of 2,495,869 shares. The company has a 50 day moving average price of $79.15 and a 200 day moving average price of $76.19. The stock has a market cap of $29.33 billion, a P/E ratio of 15.45 and a beta of 1.40. State Street Corp has a one year low of $50.60 and a one year high of $83.49.
State Street Corp (NYSE:STT) last posted its quarterly earnings data on Wednesday, January 25th. The company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.16. The company earned $2.50 billion during the quarter, compared to analysts’ expectations of $2.78 billion. State Street Corp had a net margin of 20.16% and a return on equity of 12.13%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.21 EPS. On average, equities analysts anticipate that State Street Corp will post $5.79 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 18th. Shareholders of record on Monday, April 3rd will be paid a $0.38 dividend. The ex-dividend date is Thursday, March 30th. This represents a $1.52 annualized dividend and a dividend yield of 1.98%. State Street Corp’s payout ratio is currently 30.52%.
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In other State Street Corp news, EVP Andrew P. Kuritzkes sold 4,675 shares of the firm’s stock in a transaction that occurred on Thursday, February 16th. The shares were sold at an average price of $80.59, for a total value of $376,758.25. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Karen C. Keenan sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, January 20th. The shares were sold at an average price of $79.12, for a total transaction of $79,120.00. Following the completion of the sale, the executive vice president now owns 46,229 shares in the company, valued at approximately $3,657,638.48. The disclosure for this sale can be found here. Insiders sold 25,851 shares of company stock worth $2,050,862 in the last 90 days. 0.64% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in STT. Global X Management Co. LLC raised its stake in shares of State Street Corp by 203.0% in the third quarter. Global X Management Co. LLC now owns 1,494 shares of the company’s stock valued at $104,000 after buying an additional 1,001 shares during the last quarter. New York Life Trust Co. purchased a new stake in shares of State Street Corp during the third quarter valued at approximately $119,000. MUFG Americas Holdings Corp raised its stake in shares of State Street Corp by 40.7% in the fourth quarter. MUFG Americas Holdings Corp now owns 1,626 shares of the company’s stock valued at $126,000 after buying an additional 470 shares during the last quarter. Community Bank N.A. raised its stake in shares of State Street Corp by 0.8% in the third quarter. Community Bank N.A. now owns 2,334 shares of the company’s stock valued at $163,000 after buying an additional 19 shares during the last quarter. Finally, Rockefeller Financial Services Inc. raised its stake in shares of State Street Corp by 17.2% in the third quarter. Rockefeller Financial Services Inc. now owns 2,620 shares of the company’s stock valued at $183,000 after buying an additional 385 shares during the last quarter. Institutional investors own 85.06% of the company’s stock.
About State Street Corp
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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