State Street Corporation (NYSE:STT)‘s stock had its “hold” rating reiterated by equities researchers at Jefferies Group LLC in a report issued on Friday. They presently have a $100.00 price objective on the asset manager’s stock. Jefferies Group LLC’s price objective indicates a potential upside of 6.34% from the stock’s current price.
Several other brokerages also recently commented on STT. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Tuesday, July 11th. Buckingham Research reaffirmed a “buy” rating and set a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Keefe, Bruyette & Woods set a $93.00 price objective on State Street Corporation and gave the stock a “hold” rating in a research note on Monday, August 28th. Finally, Bank of America Corporation reaffirmed a “neutral” rating and set a $88.00 price objective on shares of State Street Corporation in a research note on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $92.31.
State Street Corporation (NYSE:STT) opened at 94.04 on Friday. The company has a 50 day moving average price of $93.24 and a 200-day moving average price of $86.10. The firm has a market capitalization of $35.17 billion, a PE ratio of 17.36 and a beta of 1.31. 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 posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.46 EPS. On average, equities analysts predict that State Street Corporation will post $6.15 EPS for the current year.
State Street Corporation declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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In related news, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the sale, the insider now directly owns 21,170 shares in the company, valued at approximately $1,969,021.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $93.38, for a total transaction of $466,900.00. The disclosure for this sale can be found here. Insiders sold a total of 8,814 shares of company stock valued at $820,385 in the last 90 days. 0.71% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of STT. Nuance Investments LLC lifted its stake in State Street Corporation by 8.8% in the 1st quarter. Nuance Investments LLC now owns 36,190 shares of the asset manager’s stock valued at $2,881,000 after purchasing an additional 2,942 shares during the last quarter. US Bancorp DE lifted its stake in State Street Corporation by 2.0% in the 1st quarter. US Bancorp DE now owns 267,126 shares of the asset manager’s stock valued at $21,266,000 after purchasing an additional 5,297 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in State Street Corporation by 497.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 257,659 shares of the asset manager’s stock valued at $20,512,000 after purchasing an additional 214,526 shares during the last quarter. Trust Co. of Vermont lifted its stake in State Street Corporation by 6.6% in the 1st quarter. Trust Co. of Vermont now owns 3,892 shares of the asset manager’s stock valued at $310,000 after purchasing an additional 241 shares during the last quarter. Finally, Xact Kapitalforvaltning AB lifted its stake in State Street Corporation by 14.2% in the 1st quarter. Xact Kapitalforvaltning AB now owns 88,699 shares of the asset manager’s stock valued at $7,061,000 after purchasing an additional 11,062 shares during the last quarter. Institutional investors and hedge funds own 87.36% 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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