State Street Corporation (NYSE:STT) Receives Average Rating of “Moderate Buy” from Analysts

Shares of State Street Corporation (NYSE:STT) have earned a consensus recommendation of “Moderate Buy” from the sixteen research firms that are covering the company, Marketbeat.com reports. Five 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 12-month price objective among analysts that have issued ratings on the stock in the last year is $184.7188.

A number of research firms recently commented on STT. Argus lifted their target price on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Morgan Stanley upped their price target on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. raised their price target on shares of State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. Royal Bank Of Canada lifted their price objective on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Finally, Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday.

Insider Buying and Selling at State Street

In other news, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the transaction, the executive vice president directly owned 59,552 shares in the company, valued at $9,251,403.20. This trade represents a 13.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the sale, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. This trade represents a 5.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 25,265 shares of company stock worth $3,935,103. 0.27% of the stock is currently owned by insiders.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently bought and sold shares of the business. Wilkerson Advisory Group LLC acquired a new stake in State Street during the 4th quarter valued at approximately $29,000. JPL Wealth Management LLC acquired a new stake in shares of State Street in the third quarter worth $29,000. Phillip James Consulting Co. purchased a new position in shares of State Street during the fourth quarter worth $30,000. Elevation Wealth Partners LLC raised its holdings in shares of State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares during the last quarter. Finally, Whipplewood Advisors LLC acquired a new position in State Street during the first quarter valued at $34,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

NYSE STT opened at $184.10 on Friday. The firm’s fifty day simple moving average is $168.41 and its two-hundred day simple moving average is $145.71. The firm has a market capitalization of $50.95 billion, a P/E ratio of 16.23, a P/E/G ratio of 0.77 and a beta of 1.42. The company has a current ratio of 0.59, a quick ratio of 0.57 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 $192.51.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the company earned $2.04 earnings per share. The company’s quarterly revenue was up 23.3% on a year-over-year basis. Analysts forecast that State Street will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is presently 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.