State Street (NYSE:STT) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of State Street (NYSE:STT) from a hold rating to a buy rating in a research note released on Saturday morning.

A number of other equities analysts have also weighed in on STT. Evercore ISI upped their target price on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company upped their price objective on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. Truist Financial reduced their price objective on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Barclays upped their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target for the company in a research note on Friday, December 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $100.73.

State Street Stock Up 1.6 %

Shares of NYSE STT opened at $99.09 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market cap of $29.05 billion, a PE ratio of 12.03, a P/E/G ratio of 1.11 and a beta of 1.43. The company’s fifty day simple moving average is $98.00 and its 200 day simple moving average is $90.36. State Street has a 12-month low of $70.20 and a 12-month high of $101.91.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3,267,560 billion. During the same quarter in the prior year, the firm earned $2.04 EPS. The business’s revenue was up 12.1% on a year-over-year basis. As a group, sell-side analysts forecast that State Street will post 9.43 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.07%. The ex-dividend date was Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is 36.89%.

Insider Transactions at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On State Street

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Albion Financial Group UT bought a new stake in shares of State Street during the 4th quarter valued at $25,000. Coastline Trust Co purchased a new position in State Street during the 3rd quarter valued at about $44,000. Friedenthal Financial bought a new stake in shares of State Street during the fourth quarter valued at about $49,000. R Squared Ltd purchased a new stake in shares of State Street in the fourth quarter worth about $58,000. Finally, Capital Performance Advisors LLP bought a new position in shares of State Street in the third quarter valued at approximately $54,000. Institutional investors own 87.44% of the company’s stock.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.