Shares of State Street Corp (NYSE:STT) have earned a consensus rating of “Hold” from the fifteen analysts that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $108.17.
A number of analysts recently issued reports on the company. Bank of America decreased their price objective on State Street from $104.00 to $97.00 and set a “neutral” rating on the stock in a research note on Wednesday. Deutsche Bank decreased their price objective on State Street from $116.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, June 29th. Jefferies Financial Group reiterated a “hold” rating and set a $91.00 price objective on shares of State Street in a research note on Tuesday. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $100.00 price objective on shares of State Street in a research note on Monday, July 23rd. Finally, Credit Suisse Group decreased their target price on State Street from $110.00 to $103.00 and set a “$87.02” rating on the stock in a research note on Monday, July 23rd.
Shares of NYSE:STT traded up $0.07 during midday trading on Friday, reaching $87.00. 7,058,866 shares of the company traded hands, compared to its average volume of 1,897,185. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.56 and a current ratio of 0.52. State Street has a 12 month low of $84.56 and a 12 month high of $114.27. The firm has a market cap of $31.87 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 1.14 and a beta of 1.28.
State Street (NYSE:STT) last released its quarterly earnings data on Friday, July 20th. The asset manager reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.13). State Street had a net margin of 19.56% and a return on equity of 14.98%. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the firm posted $1.67 earnings per share. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. equities analysts predict that State Street will post 7.67 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Monday, October 1st will be paid a $0.47 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, September 28th. State Street’s dividend payout ratio is currently 28.19%.
In other State Street news, insider Jeff D. Conway sold 288 shares of the company’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total value of $29,024.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Karen C. Keenan sold 851 shares of the company’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total value of $85,763.78. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Motco increased its stake in State Street by 246.8% in the 1st quarter. Motco now owns 1,068 shares of the asset manager’s stock worth $107,000 after acquiring an additional 760 shares during the last quarter. CNB Bank bought a new position in shares of State Street during the 4th quarter valued at about $141,000. Adviser Investments LLC bought a new position in shares of State Street during the 1st quarter valued at about $145,000. Delta Asset Management LLC TN bought a new position in shares of State Street during the 2nd quarter valued at about $142,000. Finally, Signaturefd LLC bought a new position in shares of State Street during the 1st quarter valued at about $160,000. Institutional investors and hedge funds own 87.89% of the company’s stock.
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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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