State Street Corp to Post FY2019 Earnings of $5.93 Per Share, Jefferies Financial Group Forecasts (NYSE:STT)

State Street Corp (NYSE:STT) – Equities research analysts at Jefferies Financial Group increased their FY2019 earnings per share estimates for shares of State Street in a research note issued on Tuesday, January 7th. Jefferies Financial Group analyst K. Usdin now forecasts that the asset manager will post earnings of $5.93 per share for the year, up from their previous forecast of $5.85. Jefferies Financial Group has a “Buy” rating and a $92.00 price objective on the stock. Jefferies Financial Group also issued estimates for State Street’s Q4 2019 earnings at $1.75 EPS, Q1 2020 earnings at $1.30 EPS, Q2 2020 earnings at $1.70 EPS, Q3 2020 earnings at $1.79 EPS, Q4 2020 earnings at $2.03 EPS, Q1 2021 earnings at $1.52 EPS, Q2 2021 earnings at $1.99 EPS, Q3 2021 earnings at $2.01 EPS and Q4 2021 earnings at $2.20 EPS.

Several other equities analysts have also recently commented on STT. Goldman Sachs Group raised shares of State Street from a “neutral” rating to a “buy” rating and raised their target price for the company from $76.00 to $95.00 in a research note on Monday. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and set a $86.00 price objective for the company in a research report on Monday, December 9th. Deutsche Bank raised their price objective on shares of State Street from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Morgan Stanley raised their price objective on shares of State Street from $71.00 to $76.00 and gave the company an “underweight” rating in a research report on Monday, December 23rd. Finally, Evercore ISI began coverage on shares of State Street in a research report on Wednesday, November 20th. They set a “buy” rating and a $75.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $77.40.

State Street stock opened at $81.49 on Wednesday. The stock has a market cap of $29.38 billion, a price-to-earnings ratio of 11.29, a PEG ratio of 1.49 and a beta of 1.58. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.53. The company’s 50-day moving average price is $77.86 and its two-hundred day moving average price is $63.39. State Street has a 52 week low of $48.62 and a 52 week high of $82.31.

State Street (NYSE:STT) last released its earnings results on Friday, October 18th. The asset manager reported $1.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.11. The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a net margin of 16.18% and a return on equity of 11.34%. State Street’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the company earned $1.87 EPS.

Institutional investors and hedge funds have recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV acquired a new position in shares of State Street in the second quarter worth about $31,000. Reilly Financial Advisors LLC boosted its holdings in shares of State Street by 91.7% in the third quarter. Reilly Financial Advisors LLC now owns 627 shares of the asset manager’s stock worth $37,000 after buying an additional 300 shares during the period. Vestor Capital LLC acquired a new position in shares of State Street in the third quarter worth about $41,000. Evoke Wealth LLC acquired a new stake in shares of State Street during the third quarter worth approximately $46,000. Finally, CSat Investment Advisory L.P. boosted its holdings in shares of State Street by 472.1% during the second quarter. CSat Investment Advisory L.P. now owns 944 shares of the asset manager’s stock worth $53,000 after purchasing an additional 779 shares during the period. Institutional investors own 89.95% of the company’s stock.

In other State Street news, EVP Joerg Ambrosius sold 2,500 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $75.08, for a total value of $187,700.00. Following the completion of the transaction, the executive vice president now directly owns 14,654 shares in the company, valued at $1,100,222.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jeffrey N. Carp sold 17,876 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $72.00, for a total transaction of $1,287,072.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,984 shares of company stock valued at $7,709,865. Insiders own 0.40% of the company’s stock.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.08 annualized dividend and a dividend yield of 2.55%. State Street’s dividend payout ratio (DPR) is 28.81%.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Earnings History and Estimates for State Street (NYSE:STT)

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