State Street Corp. [NYSE: STT] stock went on a downward path that fall over -0.88% on Thursday, amounting to a one-week price decrease of less than -1.17%. The company report on February 8, 2024 at 4:20 PM that State Street Corporation to Redeem $1.0B of Preferred Stock in the First Quarter of 2024.
State Street Corporation (NYSE:STT) today announced that it will redeem $750 million, or all of its 7,500 outstanding shares, of non-cumulative perpetual preferred stock, Series D (“Series D Preferred Stock”) (represented by 30,000,000 depositary shares, each representing a 1/4000th interest in a share of Series D Preferred Stock) on March 15, 2024 (the “Redemption Date”), for cash at a redemption price of $100,000 per share (equivalent to $25 per depositary share) plus all dividends that have been declared but not paid up to but not including the Redemption Date (the “Series D Redemption Price”). Additionally, State Street Corporation will redeem $250 million, or all of the remaining 2,500 outstanding shares, of non-cumulative perpetual preferred stock, Series F (“Series F Preferred Stock”) (represented by 250,000 depositary shares, each representing a 1/100th interest in a share of Series F Preferred Stock) on the Redemption Date, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all dividends that have been declared but not paid up to but not including the Redemption Date (the “Series F Redemption Price”).
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As previously announced, (i) a cash dividend of $1,475.00 per share of Series D Preferred Stock (or approximately $0.368750 per depositary share) (the “Series D Dividend”) has been declared for the period from December 15, 2023 up to but not including the Redemption Date and (ii) a cash dividend of $2,336.49 per share of Series F Preferred Stock (or approximately $23.364900 per depositary share) (the “Series F Dividend”) has been declared for the period from December 15, 2023 up to but not including the Redemption Date (together, the “March Dividends”). The March Dividends will be paid separately to the holders of record of the Series D Preferred Stock and the Series F Preferred Stock as of February 29, 2024 in the customary manner on the Redemption Date. Accordingly, the Series D Dividend will not be included in the Series D Redemption Price and the Series F Dividend will not be included in the Series F Redemption Price. From and after the Redemption Date, no shares of Series D Preferred Stock and no shares of Series F Preferred Stock will be deemed outstanding and the only remaining rights of the holders of the Series D Preferred Stock and the Series F Preferred Stock will be to receive payment of the Series D Redemption Price or Series F Redemption Price, as applicable.
Over the last 12 months, STT stock dropped by -21.89%. The one-year State Street Corp. stock forecast points to a potential upside of 15.92. The average equity rating for STT stock is currently 2.44, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $22.34 billion, with 308.58 million shares outstanding and 306.52 million shares in the current float. Compared to the average trading volume of 2.10M shares, STT stock reached a trading volume of 2707601 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on State Street Corp. [STT]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for STT shares is $86.10 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on STT stock is a recommendation set at 2.44. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
BofA Securities have made an estimate for State Street Corp. shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on January 04, 2024.
The Average True Range (ATR) for State Street Corp. is set at 1.43, with the Price to Sales ratio for STT stock in the period of the last 12 months amounting to 1.26. The Price to Book ratio for the last quarter was 1.00. Price to Free Cash Flow for STT in the course of the last twelve months was 11.06.
STT Stock Performance Analysis:
State Street Corp. [STT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.17. With this latest performance, STT shares dropped by -6.38% in over the last four-week period, additionally plugging by 0.22% over the last 6 months – not to mention a drop of -21.89% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for STT stock in for the last two-week period is set at 37.48, with the RSI for the last a single of trading hit 32.49, and the three-weeks RSI is set at 42.26 for State Street Corp. [STT]. The present Moving Average for the last 50 days of trading for this stock 75.26, while it was recorded at 72.77 for the last single week of trading, and 70.91 for the last 200 days.
Insight into State Street Corp. Fundamentals:
State Street Corp.’s liquidity data is similarly interesting compelling, with a Current Ratio set at 2.70.
STT Stock EPS
With the latest financial reports released by the company, State Street Corp. posted 1.52/share EPS, while the average EPS was predicted by analysts to be reported at 1.64/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -7.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for STT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for State Street Corp. go to 5.57%.
State Street Corp. [STT] Institutonal Ownership Details
The top three institutional holders of STT stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in STT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in STT stock with ownership which is approximately 5.8325%.
