State Street Corp (NYSE:STT) shares gapped down prior to trading on Friday . The stock had previously closed at $106.79, but opened at $104.18. State Street shares last traded at $99.66, with a volume of 3952090 shares changing hands.
Several research analysts have issued reports on the company. Morgan Stanley upped their price target on State Street from $105.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, January 25th. Sandler O’Neill reiterated a “hold” rating and set a $104.00 price objective on shares of State Street in a research report on Monday, April 9th. Keefe, Bruyette & Woods set a $115.00 price objective on shares of State Street and gave the stock a “buy” rating in a research report on Wednesday, April 4th. ValuEngine upgraded shares of State Street from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Vining Sparks reiterated a “buy” rating and set a $120.00 price objective on shares of State Street in a research report on Monday, January 8th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $111.33.
The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.61. The firm has a market cap of $37,287.39, a P/E ratio of 17.40, a price-to-earnings-growth ratio of 1.32 and a beta of 1.31.
State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 20th. The asset manager reported $1.62 EPS for the quarter, beating the consensus estimate of $1.59 by $0.03. State Street had a net margin of 17.94% and a return on equity of 13.41%. The business had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3 billion. During the same period in the previous year, the company posted $1.21 EPS. State Street’s revenue was up 13.2% on a year-over-year basis. sell-side analysts forecast that State Street Corp will post 7.67 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 16th. Stockholders of record on Monday, April 2nd were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend was Thursday, March 29th. State Street’s dividend payout ratio is currently 28.19%.
In other news, EVP George E. Sullivan sold 3,495 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $103.07, for a total transaction of $360,229.65. Following the transaction, the executive vice president now directly owns 58,340 shares in the company, valued at approximately $6,013,103.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $108.17, for a total transaction of $1,108,526.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,531 shares of company stock worth $5,146,169. 0.40% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. NuWave Investment Management LLC bought a new stake in State Street in the fourth quarter worth $107,000. Legacy Advisors LLC boosted its holdings in State Street by 835.8% in the fourth quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock worth $112,000 after purchasing an additional 1,028 shares in the last quarter. Delpha Capital Management LLC bought a new stake in State Street in the fourth quarter worth $113,000. Focused Wealth Management Inc bought a new stake in State Street in the fourth quarter worth $117,000. Finally, Financial Gravity Companies Inc. bought a new stake in State Street in the fourth quarter worth $137,000. Institutional investors and hedge funds own 88.54% of the company’s stock.
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State Street Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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