State Street Corp. (NYSE:STT)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued to clients and investors on Wednesday, Stock Ratings Network.com reports. They currently have a $72.00 price objective on the stock. Zacks‘ price objective suggests a potential upside of 5.43% from the stock’s previous close.
Zacks‘ analyst wrote, “State Street’s second-quarter earnings marginally surpassed the Zacks Consensus Estimate. Results were primarily driven by improvement in fee income. Moreover, capital ratios and asset position remained strong. However, escalating operating expenses and a decline in net interest income were the major headwinds. We anticipate the company’s restructuring programs along with well-off core servicing and investment management franchises to help offset the weakness caused by the sluggish economic recovery. Further, its acquisitions will benefit revenue growth. However, the existing low-interest rate environment and deteriorating net interest margin (NIM) are expected to dent its top line in the upcoming quarters. Despite these concerns, sound capital deployment activities will boost investors’ confidence in the stock.”
Shares of State Street Corp. (NYSE:STT) traded down 0.52% on Wednesday, hitting $68.29. 1,808,448 shares of the company’s stock traded hands. State Street Corp. has a 52 week low of $41.09 and a 52 week high of $71.27. The stock has a 50-day moving average of $68.80 and a 200-day moving average of $63.92. The company has a market cap of $30.455 billion and a price-to-earnings ratio of 14.92.
State Street Corp. (NYSE:STT) last issued its quarterly earnings data on Friday, July 19th. The company reported $1.24 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.18 by $0.06. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the company posted $1.01 earnings per share. State Street Corp.’s revenue was up 4.9% compared to the same quarter last year. On average, analysts predict that State Street Corp. will post $4.60 earnings per share for the current fiscal year.
A number of other firms have also recently commented on STT. Analysts at Jefferies Group raised their price target on shares of State Street Corp. (NYSE:STT) from $74.00 to $83.00 in a research note to investors on Tuesday, August 6th. They now have a “buy” rating on the stock. Separately, analysts at Guggenheim raised their price target on shares of State Street Corp. (NYSE:STT) from $69.50 to $77.50 in a research note to investors on Monday, July 29th. They now have a “neutral” rating on the stock. Finally, analysts at UBS AG raised their price target on shares of State Street Corp. (NYSE:STT) from $65.00 to $77.00 in a research note to investors on Tuesday, July 23rd. They now have a “buy” rating on the stock.
Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $71.33.
In other State Street Corp. news, EVP Michael Rogers sold 250,000 shares of State Street Corp. stock on the open market in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $67.93, for a total transaction of $16,982,500.00. Following the completion of the sale, the executive vice president now directly owns 652,927 shares in the company. The sale was disclosed in a document filed with the SEC, which is available at this link.
State Street Corporation (NYSE:STT) is a financial holding company.
To view Zacks’ full report, visit www.zacks.com
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