State Street Corp (NYSE:STT) has been given a consensus recommendation of “Hold” by the sixteen analysts that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $69.02.
Several research firms recently commented on STT. Morgan Stanley upped their price target on shares of State Street from $57.00 to $66.00 and gave the company an “underweight” rating in a research note on Tuesday, October 29th. ValuEngine upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $68.00 price objective (up from $60.00) on shares of State Street in a research note on Monday, October 21st. Deutsche Bank upgraded shares of State Street from a “hold” rating to a “buy” rating and increased their price objective for the stock from $64.00 to $81.00 in a research note on Wednesday. Finally, Raymond James increased their price objective on shares of State Street from $69.00 to $77.00 and gave the stock a “strong-buy” rating in a research note on Monday, October 21st. They noted that the move was a valuation call.
Shares of STT stock traded up $0.44 on Friday, hitting $73.10. The company’s stock had a trading volume of 2,340,061 shares, compared to its average volume of 2,817,832. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.48 and a current ratio of 0.48. The stock’s 50 day moving average is $61.96 and its 200-day moving average is $58.51. State Street has a fifty-two week low of $48.62 and a fifty-two week high of $77.00. The company has a market capitalization of $25.55 billion, a PE ratio of 10.12, a PEG ratio of 1.14 and a beta of 1.52.
State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.11. State Street had a net margin of 16.18% and a return on equity of 11.34%. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same period in the prior year, the company posted $1.87 earnings per share. State Street’s revenue was down 2.9% compared to the same quarter last year. On average, research analysts forecast that State Street will post 5.8 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.85%. This is an increase from State Street’s previous quarterly dividend of $0.47. The ex-dividend date was Monday, September 30th. State Street’s dividend payout ratio is presently 28.81%.
In other news, EVP Jeffrey N. Carp sold 17,876 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $72.00, for a total value of $1,287,072.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hanley Ronald P. O bought 7,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was bought at an average cost of $50.43 per share, with a total value of $353,010.00. Following the acquisition, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at approximately $6,416,461.05. The disclosure for this purchase can be found here. Insiders have sold 68,009 shares of company stock worth $4,229,092 over the last quarter. Corporate insiders own 0.40% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of State Street by 7.0% in the second quarter. BlackRock Inc. now owns 30,035,664 shares of the asset manager’s stock worth $1,683,799,000 after acquiring an additional 1,975,332 shares during the last quarter. Longview Partners Guernsey LTD lifted its holdings in shares of State Street by 34.2% in the second quarter. Longview Partners Guernsey LTD now owns 20,398,955 shares of the asset manager’s stock worth $1,143,565,000 after acquiring an additional 5,203,360 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of State Street by 24.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 11,962,313 shares of the asset manager’s stock worth $670,607,000 after acquiring an additional 2,323,171 shares during the last quarter. Yacktman Asset Management LP lifted its holdings in shares of State Street by 63.0% in the third quarter. Yacktman Asset Management LP now owns 4,298,033 shares of the asset manager’s stock worth $254,401,000 after acquiring an additional 1,661,988 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in shares of State Street by 9.6% in the second quarter. LSV Asset Management now owns 2,149,169 shares of the asset manager’s stock worth $120,482,000 after acquiring an additional 188,400 shares during the last quarter. 92.22% of the stock is owned by hedge funds and other institutional investors.
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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