10. State Street
Shares of State Street (STT) of Boston closed at $44.64 Friday, returning 12% year-to-date, following an 11% decline during 2011.
Based on a 24-cent quarterly payout, the shares have a dividend yield of 2.15%.
The shares trade for 1.9 times tangible book value, according to Thomson Reuters Bank Insight, and for just under 10 times the consensus 2013 Earnings estimate of $4.49 a share, among analysts polled by Thomson Reuters. The consensus 2012 EPS estimate is $3.90.The company in March authorized $1.8 billion in share repurchases, through the first quarter of 2013. CEO Joseph Hooley in April estimated that the company would "achieve approximately $94 million in annual pre-tax, run-rate expense savings in 2012" from its "business operations and information technology transformation program." State Street will announce its second-quarter results on July 17, with the consensus among analysts being a profit of 98 cents a share, improving from EPS of 84 cents during the first quarter, and 96 cents during the second quarter of 2011. KBW analyst Robert Lee rates State Street "Outperform," with a price target of $53, saying on Wednesday that the stock "remains attractively valued," and that "the robust share repurchases and efficiency initiatives should provide some support to earnings in 2012 and into 2013," adding that "new business trends remain positive." KBW expects State Street to post second-quarter earnings of a dollar a share, while estimating EPS of $3.85 for all of 2012, and $4.50 in 2013. Interested in more on State Street? See TheStreet Ratings' report card for this stock.
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