Citigroup Inc. reaffirmed their neutral rating on shares of State Street Corporation (NYSE:STT) in a research report report published on Monday. They currently have a $102.00 price target on the asset manager’s stock, up from their prior price target of $88.00.
A number of other research analysts have also recently issued reports on STT. Jefferies Group LLC reissued a hold rating and set a $87.00 price target on shares of State Street Corporation in a research report on Monday, June 19th. BidaskClub upgraded shares of State Street Corporation from a buy rating to a strong-buy rating in a research note on Thursday, June 22nd. Royal Bank Of Canada restated a hold rating and set a $86.00 price objective on shares of State Street Corporation in a research note on Friday, June 23rd. Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a buy rating to a conviction-buy rating and raised their price objective for the company from $92.00 to $100.00 in a research note on Wednesday, June 28th. Finally, Keefe, Bruyette & Woods set a $88.00 price objective on shares of State Street Corporation and gave the company a hold rating in a research note on Saturday, July 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. State Street Corporation currently has a consensus rating of Hold and an average price target of $95.07.
State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The company had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same period last year, the company posted $1.46 EPS. State Street Corporation’s revenue was up 9.2% on a year-over-year basis.
State Street Corporation announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a $0.42 dividend. The ex-dividend date is Friday, September 29th. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.70%. State Street Corporation’s payout ratio is currently 31.11%.
In related news, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $93.38, for a total transaction of $466,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Erickson sold 353 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total transaction of $32,832.53. Following the sale, the insider now owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The disclosure for this sale can be found here. Insiders sold 8,814 shares of company stock valued at $820,385 over the last quarter. Company insiders own 0.71% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in State Street Corporation by 1.9% during the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after buying an additional 448,658 shares during the period. BlackRock Inc. grew its position in State Street Corporation by 2,256.7% during the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock valued at $1,640,284,000 after buying an additional 19,729,678 shares during the period. FMR LLC grew its position in State Street Corporation by 10.8% during the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after buying an additional 1,940,536 shares during the period. Longview Partners Guernsey LTD grew its position in State Street Corporation by 76.9% during the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock valued at $679,210,000 after buying an additional 3,290,082 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC grew its position in State Street Corporation by 9.0% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,262,504 shares of the asset manager’s stock valued at $418,948,000 after buying an additional 432,832 shares during the period. Institutional investors own 87.42% of the company’s stock.
About State Street Corporation
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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