State Street Corporation (NYSE:STT) – Jefferies Group dropped their Q4 2017 EPS estimates for shares of State Street Corporation in a report released on Monday, Zacks Investment Research reports. Jefferies Group analyst K. Usdin now forecasts that the asset manager will post earnings per share of $1.65 for the quarter, down from their previous forecast of $1.76. Jefferies Group has a “Hold” rating and a $100.00 price objective on the stock. Jefferies Group also issued estimates for State Street Corporation’s FY2018 earnings at $6.85 EPS.
State Street Corporation (NYSE:STT) last announced its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.10. The company had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.94 billion. State Street Corporation had a return on equity of 13.03% and a net margin of 20.56%. State Street Corporation’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.35 EPS. TRADEMARK VIOLATION NOTICE: “Q4 2017 EPS Estimates for State Street Corporation Decreased by Analyst (NYSE:STT)” was originally published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this article on another publication, it was stolen and reposted in violation of US and international trademark & copyright laws. The correct version of this article can be viewed at https://ledgergazette.com/2017/11/13/q4-2017-eps-estimates-for-state-street-corporation-decreased-by-jefferies-group-stt.html.
Other analysts have also recently issued reports about the company. Zacks Investment Research cut State Street Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Citigroup Inc. reissued a “neutral” rating and set a $102.00 target price (up from $88.00) on shares of State Street Corporation in a research note on Monday, October 9th. Royal Bank Of Canada lowered their target price on State Street Corporation from $104.00 to $95.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 24th. Morgan Stanley increased their target price on State Street Corporation from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 24th. Finally, Wells Fargo & Company assumed coverage on State Street Corporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $115.00 target price for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $97.07.
Shares of State Street Corporation (NYSE:STT) traded down $0.12 during mid-day trading on Thursday, hitting $90.65. The stock had a trading volume of 948,600 shares, compared to its average volume of 1,781,629. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. The company has a market cap of $33,616.38, a PE ratio of 14.93, a PEG ratio of 1.55 and a beta of 1.36. State Street Corporation has a one year low of $74.45 and a one year high of $99.99.
In other news, insider Andrew Erickson sold 353 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the sale, 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 SEC, which is available at this link. Also, Chairman Joseph L. Hooley sold 25,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total value of $2,315,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 28,814 shares of company stock valued at $2,668,773. 0.71% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in shares of State Street Corporation by 18.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after buying an additional 172 shares during the last quarter. Penserra Capital Management LLC acquired a new stake in shares of State Street Corporation in the 2nd quarter valued at approximately $107,000. Bronfman E.L. Rothschild L.P. boosted its holdings in shares of State Street Corporation by 15.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after buying an additional 168 shares during the last quarter. NEXT Financial Group Inc boosted its holdings in shares of State Street Corporation by 5.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after buying an additional 75 shares during the last quarter. Finally, Salem Investment Counselors Inc. boosted its holdings in shares of State Street Corporation by 2,677.8% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after buying an additional 964 shares during the last quarter. 87.85% of the stock is owned by institutional investors.
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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