Jefferies Financial Group Weighs in on State Street Corp’s Q3 2018 Earnings (NYSE:STT)

State Street Corp (NYSE:STT) – Investment analysts at Jefferies Financial Group upped their Q3 2018 EPS estimates for State Street in a research note issued on Monday, July 23rd, Zacks Investment Research reports. Jefferies Financial Group analyst K. Usdin now forecasts that the asset manager will post earnings per share of $1.95 for the quarter, up from their prior forecast of $1.94. Jefferies Financial Group has a “Hold” rating and a $91.00 price target on the stock. Jefferies Financial Group also issued estimates for State Street’s Q4 2018 earnings at $2.03 EPS, FY2018 earnings at $7.65 EPS and FY2019 earnings at $7.90 EPS.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, July 20th. The asset manager reported $1.88 EPS for the quarter, missing the Zacks’ consensus estimate of $2.01 by ($0.13). The company had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.05 billion. State Street had a return on equity of 14.98% and a net margin of 19.56%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.67 earnings per share.

A number of other research firms have also recently commented on STT. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating in a report on Monday, May 28th. Deutsche Bank upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $108.00 price target on the stock in a report on Monday, April 23rd. ValuEngine lowered shares of State Street from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Morgan Stanley lowered their price objective on shares of State Street from $117.00 to $113.00 and set an “equal weight” rating for the company in a research note on Monday, July 2nd. Finally, Sandler O’Neill reaffirmed a “hold” rating on shares of State Street in a research note on Friday, July 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $106.46.

Shares of NYSE STT traded down $0.96 during mid-day trading on Tuesday, reaching $82.92. The company had a trading volume of 2,596,399 shares, compared to its average volume of 1,976,240. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.54. The stock has a market cap of $30.73 billion, a PE ratio of 13.91, a PEG ratio of 0.86 and a beta of 1.22. State Street has a 52 week low of $82.43 and a 52 week high of $114.27.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, September 28th. This is a positive change from State Street’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a yield of 2.27%. State Street’s dividend payout ratio is 28.19%.

A number of large investors have recently added to or reduced their stakes in STT. BlackRock Inc. lifted its position in shares of State Street by 0.4% during the first quarter. BlackRock Inc. now owns 21,649,269 shares of the asset manager’s stock valued at $2,159,084,000 after buying an additional 84,710 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in shares of State Street by 1.0% during the second quarter. Artisan Partners Limited Partnership now owns 5,389,168 shares of the asset manager’s stock valued at $501,678,000 after buying an additional 50,779 shares during the last quarter. Vulcan Value Partners LLC lifted its position in shares of State Street by 4.3% during the second quarter. Vulcan Value Partners LLC now owns 4,952,036 shares of the asset manager’s stock valued at $460,985,000 after buying an additional 205,964 shares during the last quarter. Fayez Sarofim & Co lifted its position in shares of State Street by 8.5% during the first quarter. Fayez Sarofim & Co now owns 3,045,545 shares of the asset manager’s stock valued at $303,732,000 after buying an additional 239,843 shares during the last quarter. Finally, Boston Partners lifted its position in shares of State Street by 3.4% during the first quarter. Boston Partners now owns 2,791,369 shares of the asset manager’s stock valued at $278,384,000 after buying an additional 92,692 shares during the last quarter. 87.48% of the stock is owned by institutional investors.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company 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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