State Street Corporation (NYSE:STT)‘s stock had its “neutral” rating reaffirmed by stock analysts at Citigroup Inc. in a research note issued to investors on Monday. They presently have a $102.00 target price on the asset manager’s stock, up from their previous target price of $88.00. Citigroup Inc.’s price target points to a potential upside of 2.85% from the company’s current price.
Other research analysts also recently issued reports about the company. Buckingham Research restated a “buy” rating and set a $107.00 target price (up from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the stock a “hold” rating in a research note on Saturday, July 1st. BidaskClub upgraded State Street Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 22nd. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research note on Tuesday, July 11th. Finally, Goldman Sachs Group, Inc. (The) upgraded State Street Corporation from a “buy” rating to a “conviction-buy” rating and boosted their target price for the stock from $92.00 to $100.00 in a research note on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $94.73.
Shares of State Street Corporation (STT) opened at 99.17 on Monday. The stock has a 50 day moving average price of $94.70 and a 200-day moving average price of $88.32. The stock has a market capitalization of $37.09 billion, a PE ratio of 18.31 and a beta of 1.31. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $99.99.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 EPS. On average, analysts forecast that State Street Corporation will post $6.17 earnings per share for the current year.
State Street Corporation announced that its board has authorized a stock buyback plan on Wednesday, June 28th that permits the company to buyback $1.40 billion in outstanding shares. This buyback authorization permits the asset manager to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
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In other State Street Corporation news, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the sale, the insider now owns 39,896 shares in the company, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,814 shares of company stock worth $820,385. Company insiders own 0.71% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Commonwealth Bank of Australia grew its stake in State Street Corporation by 5.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock valued at $5,490,000 after purchasing an additional 3,365 shares during the last quarter. Vanguard Group Inc. grew its stake in State Street Corporation by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock valued at $1,876,730,000 after purchasing an additional 1,180,527 shares during the last quarter. Delta Lloyd Asset Management N.V. purchased a new stake in State Street Corporation during the 2nd quarter valued at about $4,730,000. Pennsylvania Trust Co grew its stake in State Street Corporation by 6.5% during the 2nd quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock valued at $361,000 after purchasing an additional 240 shares during the last quarter. Finally, Arvest Bank Trust Division grew its stake in State Street Corporation by 1.1% during the 2nd quarter. Arvest Bank Trust Division now owns 197,863 shares of the asset manager’s stock valued at $17,754,000 after purchasing an additional 2,084 shares during the last quarter. Institutional investors and hedge funds own 87.42% 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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