Company Update: State Street Corporation (NYSE:STT) – Massachusetts regulator says State Street unit overcharged clients

[Reuters] – In an administrative complaint, Secretary of the Commonwealth William Galvin said State Street Global Markets LLC has engaged in a pattern of overcharging, noting the company often labeled charges for secure electronic messages – known as SWIFT messages – as “out-of-pocket” expenses that contained concealed markups of up to 1,900 percent. In a statement e-mailed by spokeswoman Anne McNally, State Street said in December it discovered invoice errors on some expenses and notified authorities including Galvin’s office. Read more on this. State Street Corporation (STT) , with a current market cap of $24.66B, opened at $60.56. Looking at the equity, the company’s one day range is $60.17 to $61.70 with a trailing 52-week range being $50.73 to $81.26. Priced at 12.61x this year’s forecasted earnings, STT shares are relatively expensive compared to the industry’s 11.91x forward p/e ratio. And for dividend hunters, the company pays shareholders $1.36 per share annually in dividends, yielding 2.28%. In a review of the consensus earnings estimate this quarter, 18 sell-side analysts are looking at $0.90 per share, which would be $0.27 worse than the year-ago quarter and a $0.13 sequential decrease. The full-year EPS estimate is $4.75, which would be a $0.14 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.56 Billion. If reported, that would be a 4.48% 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. With the above information in mind, readers should note that the average price target is $63.06, which is 4.13% above where the stock opened this morning. See more in (NYSE:STT) Similar Articles: Company Update: State Street Corporation (NYSE:STT) – State Street Global Advisors and DoubleLine Capital Expand Actively Managed Fixed Income ETF Offering 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 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