Q4 2017 EPS Estimates for State Street Corp (STT) Increased by Analyst

State Street Corp (NYSE:STT) – Stock analysts at Jefferies Group raised their Q4 2017 earnings per share (EPS) estimates for State Street in a report released on Tuesday. Jefferies Group analyst K. Usdin now expects that the asset manager will earn $1.70 per share for the quarter, up from their previous estimate of $1.65. Jefferies Group has a “Hold” rating and a $107.00 price objective on the stock. Jefferies Group also issued estimates for State Street’s Q1 2018 earnings at $1.50 EPS, Q2 2018 earnings at $1.96 EPS, Q3 2018 earnings at $1.88 EPS, Q4 2018 earnings at $1.97 EPS, FY2018 earnings at $7.30 EPS and FY2019 earnings at $7.90 EPS.

State Street (NYSE:STT) last posted its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, topping the consensus estimate of $1.61 by $0.10. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the previous year, the business posted $1.35 EPS. The firm’s revenue was up 7.7% on a year-over-year basis.

Other research analysts have also recently issued research reports about the stock. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 price target for the company in a report on Wednesday. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating in a report on Friday. Royal Bank of Canada lowered their price target on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a report on Tuesday, October 24th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $114.00 target price on shares of State Street in a report on Friday, December 22nd. Finally, Barclays upped their target price on shares of State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $101.13.

State Street (NYSE STT) opened at $107.24 on Thursday. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street has a twelve month low of $74.45 and a twelve month high of $107.57. The company has a market cap of $39,227.11, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 1.38 and a beta of 1.36.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, December 29th. State Street’s payout ratio is 29.12%.

In related news, insider Andrew Erickson sold 354 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total value of $32,568.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total transaction of $296,448.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,724 shares of company stock valued at $2,659,741. Company insiders own 0.71% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in State Street by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after purchasing an additional 448,658 shares during the last quarter. FMR LLC raised its position in State Street by 10.8% in the 2nd quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after purchasing an additional 1,940,536 shares during the last quarter. Longview Partners Guernsey LTD raised its position in State Street by 6.5% in the 3rd quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock valued at $770,313,000 after purchasing an additional 493,244 shares during the last quarter. Capital International Investors raised its position in State Street by 63.3% in the 3rd quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock valued at $551,383,000 after purchasing an additional 2,237,595 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its position in State Street by 44.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock valued at $427,133,000 after purchasing an additional 1,383,249 shares during the last quarter. Hedge funds and other institutional investors own 88.13% of the company’s stock.

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About State Street

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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