State Street Corp (NYSE:STT) – Investment analysts at Jefferies Group raised their Q2 2018 earnings per share estimates for shares of State Street in a report issued on Thursday, April 5th. Jefferies Group analyst K. Usdin now forecasts that the asset manager will post earnings per share of $2.03 for the quarter, up from their previous estimate of $1.99. Jefferies Group has a “Hold” rating and a $107.00 price objective on the stock. Jefferies Group also issued estimates for State Street’s Q3 2018 earnings at $1.94 EPS, Q4 2018 earnings at $2.04 EPS, FY2018 earnings at $7.55 EPS and FY2019 earnings at $8.25 EPS.
State Street (NYSE:STT) last posted its earnings results on Tuesday, January 23rd. The asset manager reported $1.61 EPS for the quarter, missing the consensus estimate of $1.71 by ($0.10). The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.98 billion. State Street had a net margin of 17.94% and a return on equity of 13.41%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the company earned $1.48 EPS.
STT has been the topic of several other research reports. ValuEngine lowered State Street from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $126.00 price objective on the stock in a report on Thursday, January 25th. Morgan Stanley raised their price objective on State Street from $114.00 to $117.00 and gave the stock an “equal weight” rating in a report on Friday, February 2nd. Citigroup raised State Street from a “neutral” rating to a “buy” rating and set a $102.00 price objective on the stock in a report on Wednesday, January 10th. Finally, Keefe, Bruyette & Woods set a $115.00 price objective on State Street and gave the stock a “buy” rating in a report on Wednesday, April 4th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. State Street currently has a consensus rating of “Buy” and a consensus target price of $111.33.
Shares of STT stock opened at $98.30 on Monday. The stock has a market cap of $35,842.51, a price-to-earnings ratio of 16.49, a PEG ratio of 1.27 and a beta of 1.31. State Street has a 1 year low of $76.95 and a 1 year high of $114.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.49 and a current ratio of 0.49.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Monday, April 2nd will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Thursday, March 29th. State Street’s dividend payout ratio is currently 28.19%.
In related news, EVP Andrew P. Kuritzkes sold 10,248 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $108.17, for a total transaction of $1,108,526.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Joseph L. Hooley sold 33,568 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $102.65, for a total value of $3,445,755.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,531 shares of company stock worth $5,146,169. Corporate insiders own 0.71% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zions Bancorporation grew its holdings in shares of State Street by 318.0% during the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock worth $100,000 after buying an additional 795 shares during the last quarter. NuWave Investment Management LLC purchased a new position in shares of State Street during the fourth quarter worth about $107,000. Legacy Advisors LLC grew its holdings in shares of State Street by 835.8% during the fourth quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock worth $112,000 after buying an additional 1,028 shares during the last quarter. Delpha Capital Management LLC purchased a new position in shares of State Street during the fourth quarter worth about $113,000. Finally, Focused Wealth Management Inc purchased a new position in shares of State Street during the fourth quarter worth about $117,000. 88.48% of the stock is currently owned by hedge funds and other institutional investors.
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State Street 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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