State Street Corp (NYSE:STT) – Equities researchers at Jefferies Group boosted their Q4 2017 EPS estimates for shares of State Street in a research report issued to clients and investors on Tuesday. Jefferies Group analyst K. Usdin now anticipates that the asset manager will earn $1.70 per share for the quarter, up from their prior 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 issued its earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the previous year, the firm earned $1.35 earnings per share. State Street’s quarterly revenue was up 7.7% compared to the same quarter last year.
State Street (STT) opened at $107.24 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48. State Street has a 52 week low of $74.45 and a 52 week high of $107.57. The company has a market cap of $39,227.11, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.38 and a beta of 1.36.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, December 29th. State Street’s dividend payout ratio (DPR) is 29.12%.
In other news, Chairman Joseph L. Hooley sold 25,000 shares of the business’s 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of State Street stock in a transaction that occurred 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. Insiders sold a total of 28,724 shares of company stock worth $2,659,741 over the last three months. Insiders own 0.71% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Zions Bancorporation grew its holdings in shares of State Street by 318.0% in the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after purchasing an additional 795 shares in the last quarter. Eagle Asset Management Inc. acquired a new position in shares of State Street in the second quarter valued at approximately $200,000. Sabal Trust CO acquired a new position in shares of State Street in the third quarter valued at approximately $201,000. Trustmark National Bank Trust Department acquired a new position in shares of State Street in the third quarter valued at approximately $204,000. Finally, Tiemann Investment Advisors LLC acquired a new position in shares of State Street in the third quarter valued at approximately $204,000. 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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