Somewhat Positive Press Coverage Somewhat Unlikely to Affect State Street Corporation (STT) Share Price
Media stories about State Street Corporation (NYSE:STT) have been trending somewhat positive this week, according to Accern Sentiment Analysis. The research group identifies positive and negative news coverage by reviewing more than 20 million news and blog sources. Accern ranks coverage of companies on a scale of negative one to positive one, with scores closest to one being the most favorable. State Street Corporation earned a media sentiment score of 0.04 on Accern’s scale. Accern also assigned news articles about the asset manager an impact score of 45.0501837741427 out of 100, meaning that recent news coverage is somewhat unlikely to have an effect on the stock’s share price in the next few days.
Here are some of the news articles that may have impacted Accern Sentiment’s analysis:
- It sounds like a ‘Goldilocks’ market to me: Expert (cnbc.com)
- Interesting STT Put And Call Options For January 2020 – Nasdaq (nasdaq.com)
- Light backing from State Street weighs on US diversity drives (STT, BLK, AAPL, DISCA) – Markets Insider (markets.businessinsider.com)
Shares of State Street Corporation (NYSE:STT) opened at 97.15 on Wednesday. The stock has a 50 day moving average of $95.21 and a 200 day moving average of $88.76. State Street Corporation has a 12 month low of $68.54 and a 12 month high of $99.99. The firm has a market cap of $36.33 billion, a price-to-earnings ratio of 17.94 and a beta of 1.31.
State Street Corporation (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the prior year, the company posted $1.46 EPS. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities research analysts expect that State Street Corporation will post $6.18 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Monday, October 2nd were paid a dividend of $0.42 per share. The ex-dividend date was Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. State Street Corporation’s dividend payout ratio is 31.11%.
State Street Corporation announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
Several research firms recently commented on STT. Zacks Investment Research lowered shares of State Street Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Citigroup Inc. restated a “neutral” rating and set a $102.00 price target (up previously from $88.00) on shares of State Street Corporation in a research report on Monday, October 9th. Jefferies Group LLC restated a “hold” rating and set a $100.00 price target on shares of State Street Corporation in a research report on Friday, September 15th. Keefe, Bruyette & Woods set a $93.00 price target on shares of State Street Corporation and gave the company a “hold” rating in a research report on Monday, August 28th. Finally, Wells Fargo & Company began coverage on shares of State Street Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price target on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. State Street Corporation has an average rating of “Hold” and a consensus target price of $95.07.
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In related news, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $93.38, for a total value of $466,900.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Andrew Erickson sold 353 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of the sale, the insider now directly owns 21,170 shares in the company, valued at $1,969,021.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,814 shares of company stock worth $820,385. 0.71% of the stock is owned by corporate insiders.
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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