State Street Corp (NYSE:STT) has been assigned an average recommendation of “Hold” from the twenty-one brokerages that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $75.44.
STT has been the topic of a number of recent analyst reports. Wolfe Research cut shares of State Street from an “outperform” rating to a “peer perform” rating and set a $72.00 target price on the stock. in a research note on Thursday, July 9th. Wells Fargo & Company lifted their target price on shares of State Street from $61.00 to $75.00 in a research note on Friday, June 5th. ValuEngine lowered State Street from a “sell” rating to a “strong sell” rating in a research note on Thursday. Zacks Investment Research raised State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 price target on the stock in a report on Tuesday, July 28th. Finally, Bank of America dropped their price objective on State Street from $71.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, July 20th.
In other news, EVP Michael L. Richards sold 379 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $70.35, for a total value of $26,662.65. Following the sale, the executive vice president now directly owns 20,180 shares in the company, valued at approximately $1,419,663. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Lehner sold 500 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $63.55, for a total transaction of $31,775.00. Following the sale, the executive vice president now owns 23,860 shares in the company, valued at $1,516,303. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the business. AQR Capital Management LLC boosted its holdings in shares of State Street by 366.4% in the 2nd quarter. AQR Capital Management LLC now owns 3,169,222 shares of the asset manager’s stock worth $196,397,000 after purchasing an additional 2,489,751 shares during the period. LSV Asset Management increased its position in State Street by 80.2% during the second quarter. LSV Asset Management now owns 4,313,370 shares of the asset manager’s stock valued at $274,114,000 after acquiring an additional 1,919,301 shares during the last quarter. JPMorgan Chase & Co. increased its position in State Street by 90.8% during the first quarter. JPMorgan Chase & Co. now owns 2,583,426 shares of the asset manager’s stock valued at $137,620,000 after acquiring an additional 1,229,249 shares during the last quarter. AJO LP raised its stake in shares of State Street by 4,464.2% in the second quarter. AJO LP now owns 1,177,104 shares of the asset manager’s stock valued at $74,804,000 after acquiring an additional 1,151,314 shares during the period. Finally, Capital International Investors lifted its holdings in shares of State Street by 6.8% in the 1st quarter. Capital International Investors now owns 8,218,489 shares of the asset manager’s stock worth $437,799,000 after acquiring an additional 521,768 shares during the last quarter. Institutional investors and hedge funds own 90.33% of the company’s stock.
NYSE STT traded up $0.93 on Monday, hitting $59.68. 1,845,549 shares of the company traded hands, compared to its average volume of 2,728,088. The business’s 50 day moving average price is $65.45 and its 200-day moving average price is $61.50. State Street has a 52-week low of $42.10 and a 52-week high of $85.89. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $21.03 billion, a price-to-earnings ratio of 9.00, a P/E/G ratio of 1.09 and a beta of 1.52.
State Street (NYSE:STT) last posted its quarterly earnings data on Friday, July 17th. The asset manager reported $1.86 EPS for the quarter, topping the consensus estimate of $1.63 by $0.23. State Street had a return on equity of 12.74% and a net margin of 20.27%. The firm had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter last year, the company earned $1.45 earnings per share. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that State Street will post 6.54 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Wednesday, September 30th. State Street’s payout ratio is 33.71%.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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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