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

Shares of State Street Corporation (NYSE:STT) have been given an average rating of “Moderate Buy” by the sixteen brokerages that are covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $185.3750.

STT has been the subject of several recent research reports. The Goldman Sachs Group boosted their price target on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Bank of America raised their price objective on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada lifted their price objective on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a report on Friday, July 17th. Wells Fargo & Company boosted their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Truist Financial reissued a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th.

Insider Buying and Selling at State Street

In other news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% 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. Over the last 90 days, insiders sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On State Street

Large investors have recently added to or reduced their stakes in the company. Philadelphia Investment Partners LLC bought a new position in shares of State Street during the second quarter valued at about $26,000. Bell Investment Advisors Inc purchased a new stake in shares of State Street during the second quarter worth about $28,000. Elevation Wealth Partners LLC boosted 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 period. Continuum Advisory LLC bought a new stake in shares of State Street in the second quarter worth about $30,000. Finally, Keating Financial Advisory Services Inc. bought a new stake in shares of State Street in the second quarter worth about $33,000. Institutional investors own 87.44% of the company’s stock.

State Street Trading Up 2.3%

STT stock opened at $187.22 on Tuesday. The company has a market capitalization of $51.43 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street has a one year low of $104.64 and a one year high of $195.18. The company’s 50 day moving average price is $180.11 and its two-hundred day moving average price is $153.79.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the company earned $2.04 EPS. The firm’s revenue was up 23.3% on a year-over-year basis. As a group, analysts predict that State Street will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is an increase from State Street’s previous quarterly dividend of $0.84. 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%. 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.