Citigroup Cuts State Street (NYSE:STT) Price Target to $100.00

State Street (NYSE:STT) had its target price lowered by Citigroup from $105.00 to $100.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the asset manager’s stock.

Several other equities analysts have also issued reports on STT. Morgan Stanley lowered their price target on State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Truist Financial reduced their price objective on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Finally, Barclays lifted their price target on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, State Street has a consensus rating of “Hold” and a consensus target price of $101.87.

State Street Price Performance

STT opened at $92.64 on Monday. State Street has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a market cap of $26.72 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a fifty day simple moving average of $95.70 and a two-hundred day simple moving average of $94.38.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the previous year, the firm posted $2.04 earnings per share. State Street’s quarterly revenue was up 12.1% on a year-over-year basis. Research analysts predict that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is presently 36.89%.

Insider Transactions at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STT. Wellington Management Group LLP increased its holdings in State Street by 6.3% in the 4th quarter. Wellington Management Group LLP now owns 551,210 shares of the asset manager’s stock valued at $54,101,000 after acquiring an additional 32,513 shares during the last quarter. 111 Capital purchased a new stake in shares of State Street in the fourth quarter worth about $587,000. Wealth Enhancement Advisory Services LLC boosted its stake in State Street by 14.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 33,006 shares of the asset manager’s stock valued at $3,240,000 after buying an additional 4,220 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in State Street during the 4th quarter valued at approximately $30,624,000. Finally, Integrated Advisors Network LLC bought a new stake in State Street in the 4th quarter worth approximately $207,000. 87.44% of the stock is currently owned by institutional investors.

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.