State Street Corporation (NYSE:STT)‘s stock had its “hold” rating reiterated by investment analysts at Royal Bank Of Canada in a research report issued on Friday. They presently have a $86.00 price target on the asset manager’s stock. Royal Bank Of Canada’s price target suggests a potential downside of 2.07% from the company’s current price.
A number of other equities research analysts also recently weighed in on STT. Goldman Sachs Group, Inc. (The) upped their price target on shares of State Street Corporation from $88.00 to $92.00 and gave the company a “buy” rating in a report on Monday, May 1st. Bank of America Corporation reissued a “neutral” rating and issued a $88.00 price target on shares of State Street Corporation in a report on Friday, May 26th. Deutsche Bank AG cut their price target on shares of State Street Corporation from $81.00 to $80.00 and set a “hold” rating for the company in a report on Monday, April 24th. Credit Suisse Group reissued a “neutral” rating and issued a $82.00 price target (up from $80.00) on shares of State Street Corporation in a report on Tuesday, March 21st. Finally, Citigroup Inc. upped their price target on shares of State Street Corporation from $82.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, April 11th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $84.86.
State Street Corporation (NYSE:STT) opened at 87.82 on Friday. State Street Corporation has a 52-week low of $50.60 and a 52-week high of $89.95. The company’s 50-day moving average is $83.93 and its 200-day moving average is $80.54. The firm has a market capitalization of $33.04 billion, a P/E ratio of 16.43 and a beta of 1.33.
State Street Corporation (NYSE:STT) last announced its earnings results on Wednesday, April 26th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.11. The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.75 billion. State Street Corporation had a net margin of 20.54% and a return on equity of 12.38%. State Street Corporation’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 EPS. On average, analysts predict that State Street Corporation will post $5.92 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 18th. Shareholders of record on Monday, July 3rd will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Thursday, June 29th. State Street Corporation’s dividend payout ratio is presently 28.46%.
In other news, EVP Jeffrey N. Carp sold 2,656 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total value of $233,409.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Joseph L. Hooley sold 5,666 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was 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 14,069 shares of company stock valued at $1,201,189 over the last ninety days. Insiders own 0.64% of the company’s stock.
Several hedge funds have recently bought and sold shares of STT. Janus Capital Management LLC raised its stake in State Street Corporation by 34.2% in the fourth quarter. Janus Capital Management LLC now owns 77,459 shares of the asset manager’s stock worth $6,020,000 after buying an additional 19,739 shares during the period. First Republic Investment Management Inc. raised its stake in State Street Corporation by 3.6% in the fourth quarter. First Republic Investment Management Inc. now owns 114,048 shares of the asset manager’s stock worth $8,863,000 after buying an additional 4,009 shares during the period. A.R.T. Advisors LLC raised its stake in State Street Corporation by 308.0% in the fourth quarter. A.R.T. Advisors LLC now owns 81,600 shares of the asset manager’s stock worth $6,341,000 after buying an additional 61,600 shares during the period. Blenheim Capital Management BV bought a new stake in State Street Corporation during the fourth quarter worth about $318,000. Finally, Zurich Insurance Group Ltd FI raised its stake in State Street Corporation by 22.8% in the fourth quarter. Zurich Insurance Group Ltd FI now owns 67,833 shares of the asset manager’s stock worth $5,272,000 after buying an additional 12,611 shares during the period. 87.99% of the stock is owned by institutional investors and hedge funds.
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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