State Street Corporation (NYSE:STT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

State Street Corporation (NYSE:STT) has been given an average recommendation of “Moderate Buy” by the fifteen research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $122.6667.

A number of equities analysts have weighed in on STT shares. Evercore ISI upped their target price on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research note on Tuesday. The Goldman Sachs Group set a $128.00 price objective on shares of State Street in a research report on Tuesday. Wells Fargo & Company lifted their target price on shares of State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. BMO Capital Markets assumed coverage on shares of State Street in a report on Friday. They issued an “outperform” rating and a $130.00 price target on the stock. Finally, Cfra Research upgraded shares of State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. First Pacific Financial bought a new stake in shares of State Street in the 1st quarter worth approximately $25,000. Capital Analysts LLC grew its holdings in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC raised its position in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares during the period. Golden State Wealth Management LLC lifted its stake in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. boosted its position in State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after buying an additional 251 shares during the period. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Performance

NYSE STT opened at $116.35 on Friday. The company’s 50 day simple moving average is $112.83 and its two-hundred day simple moving average is $101.38. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street has a 1 year low of $72.81 and a 1 year high of $118.06. The stock has a market capitalization of $33.01 billion, a PE ratio of 13.03, a P/E/G ratio of 1.12 and a beta of 1.46.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period in the previous year, the business earned $2.15 EPS. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. Analysts predict that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.9%. This is an increase from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street’s dividend payout ratio is presently 37.63%.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.