State Street Corporation (NYSE:STT) Receives $185.38 Average PT from Brokerages

Shares of State Street Corporation (NYSE:STT) have been assigned an average rating of “Moderate Buy” from the sixteen ratings firms that are covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $185.3750.

STT has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Evercore set a $200.00 target price on shares of State Street in a report on Monday, July 20th. Royal Bank Of Canada boosted their price target on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research report on Friday, July 17th. Citigroup raised their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Finally, Morgan Stanley lifted their price objective on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th.

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 25,811 shares of company stock valued at $4,723,982 in the last quarter. 0.27% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

A number of institutional investors have recently made changes to their positions in STT. Philadelphia Investment Partners LLC purchased a new position in State Street in the 2nd quarter worth approximately $26,000. Bell Investment Advisors Inc bought a new position in State Street in the 2nd quarter valued at approximately $28,000. Elevation Wealth Partners LLC boosted its stake in State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 106 shares during the last quarter. Continuum Advisory LLC purchased a new stake in State Street during the 2nd quarter valued at $30,000. Finally, Keating Financial Advisory Services Inc. bought a new stake in shares of State Street in the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $191.00 on Tuesday. The company’s fifty day moving average price is $180.59 and its 200-day moving average price is $154.37. The stock has a market cap of $52.47 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street has a 12 month low of $104.64 and a 12 month high of $195.18.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the business earned $2.04 EPS. State Street’s quarterly revenue was up 23.3% compared to the same quarter last year. On average, equities analysts expect that State Street will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. The ex-dividend date is Thursday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. State Street’s dividend payout ratio is 29.63%.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.