State Street (NYSE:STT) Price Target Raised to $155.00

State Street (NYSE:STT) had its price objective increased by TD Cowen from $135.00 to $155.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the asset manager’s stock.

Several other brokerages have also recently issued reports on STT. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their target price on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Loop Capital set a $144.00 price target on shares of State Street in a report on Tuesday. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Finally, Citigroup boosted their target price on State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $133.77.

State Street Stock Down 0.3%

STT opened at $132.45 on Wednesday. The business has a 50 day moving average price of $123.68 and a two-hundred day moving average price of $116.17. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The company has a market cap of $36.99 billion, a PE ratio of 14.02, a P/E/G ratio of 0.89 and a beta of 1.43. State Street has a 52 week low of $72.81 and a 52 week high of $134.67.

State Street (NYSE:STT) last announced its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same period last year, the business posted $2.26 EPS. The company’s revenue was up 8.8% on a year-over-year basis. As a group, research analysts anticipate that State Street will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 12th. Stockholders of record on Friday, January 2nd will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. State Street’s payout ratio is 35.56%.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares of the company’s stock, valued at $4,528,512.24. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of State Street

Large investors have recently bought and sold shares of the company. Regents of The University of California acquired a new position in shares of State Street during the 3rd quarter worth $324,576,000. Norges Bank purchased a new position in State Street during the 2nd quarter valued at about $256,367,000. Two Sigma Investments LP raised its position in State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after acquiring an additional 880,507 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of State Street by 36.8% in the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after purchasing an additional 738,456 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of State Street in the third quarter valued at approximately $62,092,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.