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

State Street Corporation (NYSE:STT) has received an average recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $135.8333.

A number of research firms have recently weighed in on STT. BMO Capital Markets initiated coverage on shares of State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Truist Financial set a $136.00 price objective on State Street in a report on Tuesday, January 20th. Morgan Stanley lowered their target price on State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th.

Institutional Trading of State Street

A number of hedge funds have recently added to or reduced their stakes in STT. True Wealth Design LLC raised its position in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 158 shares during the period. JPL Wealth Management LLC acquired a new stake in shares of State Street during the 3rd quarter valued at about $29,000. Flagship Wealth Advisors LLC purchased a new position in shares of State Street in the 3rd quarter valued at about $35,000. Measured Wealth Private Client Group LLC acquired a new position in State Street in the 3rd quarter worth about $35,000. Finally, SJS Investment Consulting Inc. raised its holdings in State Street by 2,142.9% in the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 300 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Up 2.7%

Shares of NYSE:STT opened at $131.43 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. State Street has a 52-week low of $72.81 and a 52-week high of $137.05. The stock has a market cap of $36.71 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.12 and a beta of 1.43. The business has a 50-day moving average price of $127.28 and a 200-day moving average price of $118.27.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the company earned $2.60 EPS. State Street’s quarterly revenue was up 7.5% on a year-over-year basis. Equities analysts predict that State Street will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s payout ratio is 35.71%.

About State Street

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.