State Street Corporation (NYSE:STT) Receives $109.92 Average PT from Analysts

State Street Corporation (NYSE:STT) has earned a consensus rating of “Hold” from the thirteen analysts that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $112.00.

Several brokerages recently issued reports on STT. Bank of America lifted their price objective on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research report on Wednesday. Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 2nd. Wells Fargo & Company lifted their target price on shares of State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods lowered their target price on shares of State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Finally, Truist Financial lowered their target price on shares of State Street from $122.00 to $116.00 and set a “buy” rating for the company in a research note on Wednesday.

State Street Trading Up 3.0%

Shares of State Street stock opened at $105.03 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. State Street has a 1 year low of $72.81 and a 1 year high of $110.97. The company has a market capitalization of $29.95 billion, a P/E ratio of 11.76, a P/E/G ratio of 1.18 and a beta of 1.45. The business has a 50 day moving average price of $100.75 and a 200 day moving average price of $95.11.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 13.08% and a net margin of 12.59%. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the previous year, the firm posted $2.15 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. Sell-side analysts anticipate that State Street will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.20%. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is 34.04%.

Insider Transactions at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the company’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer directly owned 7,354 shares of the company’s stock, valued at approximately $667,154.88. This represents a 15.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

Institutional Trading of State Street

A number of institutional investors have recently added to or reduced their stakes in STT. McAdam LLC boosted its holdings in State Street by 1.7% during the second quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock worth $707,000 after buying an additional 111 shares in the last quarter. Meeder Advisory Services Inc. grew its position in State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock worth $515,000 after purchasing an additional 114 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock worth $395,000 after purchasing an additional 118 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares during the period. Finally, Smartleaf Asset Management LLC boosted its stake in shares of State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock valued at $201,000 after buying an additional 126 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Company Profile

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.