State Street Corporation’s (STT) Neutral Rating Reaffirmed at Citigroup Inc.

Citigroup Inc. reissued their neutral rating on shares of State Street Corporation (NYSE:STT) in a report released on Monday morning. Citigroup Inc. currently has a $102.00 price objective on the asset manager’s stock, up from their previous price objective of $88.00.

STT has been the subject of a number of other research reports. Zacks Investment Research cut State Street Corporation from a buy rating to a hold rating in a research report on Tuesday, August 29th. Keefe, Bruyette & Woods set a $93.00 price target on State Street Corporation and gave the stock a hold rating in a research report on Monday, August 28th. Barclays PLC boosted their price target on State Street Corporation from $95.00 to $104.00 and gave the stock an overweight rating in a research report on Thursday, July 27th. Finally, Jefferies Group LLC reaffirmed a hold rating and issued a $100.00 price target on shares of State Street Corporation in a research report on Friday, September 15th. One 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. The company has a consensus rating of Hold and a consensus target price of $94.73.

Shares of State Street Corporation (NYSE:STT) opened at 98.09 on Monday. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $99.99. The firm has a market cap of $36.68 billion, a price-to-earnings ratio of 18.11 and a beta of 1.31. The company’s 50 day moving average price is $94.50 and its 200-day moving average price is $88.16.

State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. State Street Corporation’s revenue for the quarter was up 9.2% compared to the same quarter last year. Equities analysts expect that State Street Corporation will post $6.18 EPS for the current fiscal year.

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State Street Corporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $1.40 billion in shares. This buyback authorization allows the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is currently 31.11%.

In related news, insider Andrew Erickson sold 353 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of the transaction, the insider now owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $92.55, for a total value of $296,160.00. Following the transaction, the insider now directly owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. Insiders have sold a total of 8,814 shares of company stock valued at $820,385 in the last three months. 0.71% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Salem Investment Counselors Inc. increased its stake in State Street Corporation by 2,677.8% during the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after acquiring an additional 964 shares during the period. Parallel Advisors LLC increased its stake in State Street Corporation by 18.0% during the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after acquiring an additional 172 shares during the period. Penserra Capital Management LLC bought a new position in State Street Corporation during the second quarter valued at about $107,000. Bronfman E.L. Rothschild L.P. increased its stake in State Street Corporation by 15.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after acquiring an additional 168 shares during the period. Finally, NEXT Financial Group Inc increased its stake in State Street Corporation by 5.5% during the second quarter. NEXT Financial Group Inc now owns 1,450 shares of th

STT has been the subject of a number of other research reports. Zacks Investment Research cut State Street Corporation from a buy rating to a hold rating in a research report on Tuesday, August 29th. Keefe, Bruyette & Woods set a $93.00 price target on State Street Corporation and gave the stock a hold rating in a research report on Monday, August 28th. Barclays PLC boosted their price target on State Street Corporation from $95.00 to $104.00 and gave the stock an overweight rating in a research report on Thursday, July 27th. Finally, Jefferies Group LLC reaffirmed a hold rating and issued a $100.00 price target on shares of State Street Corporation in a research report on Friday, September 15th. One 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. The company has a consensus rating of Hold and a consensus target price of $94.73.

Shares of State Street Corporation (NYSE:STT) opened at 98.09 on Monday. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $99.99. The firm has a market cap of $36.68 billion, a price-to-earnings ratio of 18.11 and a beta of 1.31. The company’s 50 day moving average price is $94.50 and its 200-day moving average price is $88.16.

State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. State Street Corporation’s revenue for the quarter was up 9.2% compared to the same quarter last year. Equities analysts expect that State Street Corporation will post $6.18 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This report was first posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this report on another domain, it was stolen and republished in violation of international copyright law. The original version of this report can be read at https://ledgergazette.com/2017/10/10/state-street-corporations-stt-neutral-rating-reaffirmed-at-citigroup-inc.html.

State Street Corporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $1.40 billion in shares. This buyback authorization allows the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is currently 31.11%.

In related news, insider Andrew Erickson sold 353 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of the transaction, the insider now owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $92.55, for a total value of $296,160.00. Following the transaction, the insider now directly owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. Insiders have sold a total of 8,814 shares of company stock valued at $820,385 in the last three months. 0.71% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Salem Investment Counselors Inc. increased its stake in State Street Corporation by 2,677.8% during the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after acquiring an additional 964 shares during the period. Parallel Advisors LLC increased its stake in State Street Corporation by 18.0% during the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after acquiring an additional 172 shares during the period. Penserra Capital Management LLC bought a new position in State Street Corporation during the second quarter valued at about $107,000. Bronfman E.L. Rothschild L.P. increased its stake in State Street Corporation by 15.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after acquiring an additional 168 shares during the period. Finally, NEXT Financial Group Inc increased its stake in State Street Corporation by 5.5% during the second quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after acquiring an additional 75 shares during the period. 87.42% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for State Street Corporation (NYSE:STT)

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