State Street Corporation (NYSE:STT) Receives $185.38 Average PT from Brokerages

Shares of State Street Corporation (NYSE:STT) have been assigned an average recommendation of “Moderate Buy” from the sixteen ratings firms that are covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $185.3750.

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group raised their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Truist Financial reissued a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Keefe, Bruyette & Woods raised their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Evercore set a $200.00 price objective on State Street in a research report on Monday, July 20th. Finally, Weiss Ratings upgraded State Street from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday.

State Street Stock Performance

Shares of STT stock opened at $182.84 on Friday. The stock has a fifty day moving average of $187.25 and a 200 day moving average of $161.74. State Street has a 52 week low of $104.64 and a 52 week high of $195.93. The firm has a market capitalization of $50.23 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 0.88 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business posted $2.04 earnings per share. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, research analysts expect that State Street will post 13.76 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 2.0%. State Street’s payout ratio is currently 29.63%.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On State Street

Hedge funds have recently bought and sold shares of the business. IFM Investors Pty Ltd lifted its holdings in State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after acquiring an additional 7,469 shares during the period. New York State Teachers Retirement System grew its stake in shares of State Street by 9.7% during the 1st quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock valued at $38,464,000 after purchasing an additional 26,862 shares during the period. SBI Okasan Asset Management Co.Ltd. purchased a new stake in shares of State Street during the 4th quarter valued at about $935,000. Illinois Municipal Retirement Fund lifted its stake in shares of State Street by 18.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock worth $10,856,000 after purchasing an additional 13,245 shares during the period. Finally, Global Retirement Partners LLC lifted its stake in shares of State Street by 476.7% in the 4th quarter. Global Retirement Partners LLC now owns 8,478 shares of the asset manager’s stock worth $1,094,000 after purchasing an additional 7,008 shares during the period. Institutional investors own 87.44% of the company’s stock.

About State Street

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.