State Street Corp (NYSE:STT) – Analysts at Jefferies Financial Group lowered their FY2018 EPS estimates for shares of State Street in a report released on Tuesday, January 8th. Jefferies Financial Group analyst K. Usdin now expects that the asset manager will earn $7.26 per share for the year, down from their previous estimate of $7.38. Jefferies Financial Group also issued estimates for State Street’s Q4 2018 earnings at $1.71 EPS, Q1 2019 earnings at $1.40 EPS, Q2 2019 earnings at $1.77 EPS, Q3 2019 earnings at $1.78 EPS, Q4 2019 earnings at $1.87 EPS, FY2019 earnings at $6.80 EPS and FY2020 earnings at $7.80 EPS.
Other equities analysts have also issued reports about the stock. Deutsche Bank upped their price objective on shares of State Street from $98.00 to $99.00 and gave the stock a “buy” rating in a report on Thursday, September 27th. Goldman Sachs Group assumed coverage on shares of State Street in a report on Thursday, October 11th. They set a “buy” rating on the stock. UBS Group increased their target price on shares of State Street from $96.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, October 8th. Citigroup reiterated a “buy” rating and set a $80.00 target price on shares of State Street in a report on Tuesday, December 11th. Finally, TheStreet lowered shares of State Street from a “b-” rating to a “c+” rating in a report on Tuesday, December 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $94.07.
State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 19th. The asset manager reported $1.87 EPS for the quarter, missing the consensus estimate of $1.89 by ($0.02). State Street had a return on equity of 14.99% and a net margin of 19.90%. The company had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the prior year, the company posted $1.71 earnings per share. The business’s revenue was up 3.7% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 16th. Stockholders of record on Wednesday, January 2nd will be issued a $0.47 dividend. The ex-dividend date is Monday, December 31st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.83%. State Street’s payout ratio is 31.54%.
In other news, EVP Louis D. Maiuri acquired 740 shares of State Street stock in a transaction dated Wednesday, October 24th. The shares were acquired at an average cost of $67.60 per share, for a total transaction of $50,024.00. Following the acquisition, the executive vice president now owns 45,314 shares of the company’s stock, valued at $3,063,226.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Saint-Aignan Patrick De acquired 500 shares of State Street stock in a transaction dated Tuesday, October 23rd. The stock was purchased at an average price of $68.62 per share, for a total transaction of $34,310.00. Following the completion of the acquisition, the director now directly owns 25,138 shares in the company, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Strategic Wealth Partners Ltd. grew its position in shares of State Street by 1,038.7% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock valued at $30,000 after buying an additional 322 shares during the last quarter. Moody National Bank Trust Division grew its position in shares of State Street by 199.4% in the 4th quarter. Moody National Bank Trust Division now owns 470 shares of the asset manager’s stock valued at $30,000 after buying an additional 313 shares during the last quarter. CI Investments Inc. purchased a new position in shares of State Street in the 3rd quarter valued at $101,000. Patriot Financial Group Insurance Agency LLC grew its position in shares of State Street by 1,855.1% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,349 shares of the asset manager’s stock valued at $113,000 after buying an additional 1,280 shares during the last quarter. Finally, Advisors Asset Management Inc. purchased a new position in shares of State Street in the 3rd quarter valued at $114,000. 87.19% of the stock is currently owned by hedge funds and other institutional investors.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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