Stock Update: State Street Corporation (NYSE:STT) – Big client hits State Street with large withdrawals

[Reuters] – A key institutional client at State Street is expected to withdraw a large amount of money in 2016, Chief Executive Jay Hooley said on Wedesday. “Institutional net outflows (in 2015) were primarily driven by client asset allocation shifts and redemptions by a client that is in-sourcing their business,” Hooley told investors and analysts during a conference call. Hooley said assets under management associated with the unnamed client were about $35 billion at the end of 2015. Read more on this. State Street Corporation (STT) , valued at $21.47B, opened this morning at $53.78. Today’s price range has been between $52.60 and $54.15 per share with a trailing 52-week range being $52.60 to $81.26. State Street (STT) shares are currently priced at 11.44x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 9.91x earnings multiple for the same period. And for dividend hunters, the company pays shareholders $1.36 per share annually in dividends, yielding 2.44%. According to a consensus of 19 analysts, the earnings estimate of $1.18 per share would be $0.19 worse than the year-ago quarter and a $0.02 sequential decrease. Investors should also note that the full-year EPS estimate of $4.89 is a $0.20 setback when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.64 Billion. If realized, that would be a 2.94% decrease over the year-ago quarter. Recently, JP Morgan upgraded STT from Underweight to Neutral (Jan 7, 2016). Previously, UBS downgraded STT from Buy to Neutral. With the above information in mind, readers should note that the average price target is $73.19, which is 36.09% above where the stock opened this morning. See more in (NYSE:STT) Similar Articles: Market Update: State Street Corporation (NYSE:STT) – State Street Corporation Announces Date for Release of Fourth-Quarter and Full-Year 2015 Financial Results and Conference Call Webcast Company Update: State Street Corporation (NYSE:STT) – State Street Global Advisors Chief Executive Officer, Ronald O’Hanley, to Present at the 2015 Bank of America Merrill Lynch Banking and Financials Conference Stock Update: State Street Corporation (NYSE:STT) – One in Four Fund Managers Believe it’s “Highly Likely” they will Face Competition from New Entrants Within the Next Five Years, Says Research From State Street