On Tuesday analysts at JP Morgan upgraded financial services company State Street Corporation (STT) as its cost cutting strategy is offsetting a lower net interest margin.
The analysts upgraded STT to “Neutral” from “Underweight.”
State Street shares were up slightly during pre-market trading on Tuesday. The stock is up +28.58% over the past year.
The Bottom Line
Shares of State Street (STT) have a 1.80% dividend yield, based on Friday’s closing stock price of $53.36. The stock has technical support in the $48-$50 price area. If the shares can firm up, we see overhead resistance around the $55-$60 price levels.
State Street Corporation (STT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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