Stock Update (NYSE:STT): State Street Strengthens Not-for-Profit Investment Sourcing Team

[Business Wire] – State Street Corporation announced today that it has promoted Maria Luce to managing director and division head for the endowment, foundation and healthcare business within State Street’s Institutional Investor Services business. Read more on this. State Street Corporation (STT) , with a current market cap of $23.48B, began trading this morning at $58.40. Today, shares have traded between $58.25 and $59.21 per share with a trailing 52-week range being $50.73 to $81.26. Priced at 12.32x this year’s forecasted earnings, STT shares are relatively expensive compared to the industry’s 10.63x forward p/e ratio. The company pays shareholders $1.36 per share in dividend income per year, for a current yield of 2.33%. In a review of the consensus earnings estimate this quarter, 18 sell-side analysts are looking at $0.91 per share, which would be $0.26 worse than the year-ago quarter and a $0.12 sequential decrease. The full-year EPS estimate is $4.75 which would be a $0.14 setback than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.58 Billion. If reported, that would be a 3.73% decrease over the year-ago quarter. In terms of ratings, Keefe Bruyette downgraded STT from Mkt Perform to Underperform (Mar 28, 2016). Previously, JP Morgan upgraded STT from Underweight to Neutral. The average price target for STT shares is $63.31, which is 8.41% above where the stock opened this morning. See more in (NYSE:STT) Similar Articles: Company Update: State Street Corporation (NYSE:STT) – GE and State Street Corporation Announce Agreement for State Street to Acquire GE Asset Management for up to $485 Million Company Update: State Street Corporation (NYSE:STT) – Asset Management Stocks on the Move — State Street, Voya Financial, Apollo Investment, and Janus Capital Group Company Update: State Street Corporation (NYSE:STT) – State Street Strengthens Technology Leadership Team