Shares of State Street Corp (NYSE:STT) have earned a consensus rating of “Buy” from the fourteen analysts that are covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $113.25.
STT has been the topic of several research reports. Deutsche Bank dropped their price target on State Street from $116.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Thursday, May 3rd. 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 State Street and gave the company a “buy” rating in a research report on Wednesday, April 4th. Finally, ValuEngine cut State Street from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd.
Shares of State Street traded down $1.17, hitting $93.09, during mid-day trading on Tuesday, according to MarketBeat Ratings. 2,287,000 shares of the stock traded hands, compared to its average volume of 1,738,670. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.57. State Street has a 52 week low of $89.25 and a 52 week high of $114.27. The firm has a market capitalization of $34.34 billion, a PE ratio of 15.62, a P/E/G ratio of 1.21 and a beta of 1.27.
State Street (NYSE:STT) last released its quarterly earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.58 by $0.04. State Street had a return on equity of 14.23% and a net margin of 19.07%. The company had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3 billion. During the same period in the previous year, the company posted $1.21 earnings per share. The firm’s revenue was up 13.2% on a year-over-year basis. research analysts anticipate that State Street will post 7.79 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 17th. Stockholders of record on Monday, July 2nd will be issued a $0.42 dividend. The ex-dividend date is Friday, June 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.80%. State Street’s payout ratio is 28.19%.
In other news, EVP Karen C. Keenan sold 851 shares of the stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total value of $85,763.78. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jeff D. Conway sold 288 shares of the stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total value of $29,024.64. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Motco boosted its position in State Street by 246.8% during the 1st quarter. Motco now owns 1,068 shares of the asset manager’s stock valued at $107,000 after acquiring an additional 760 shares in the last quarter. Delpha Capital Management LLC bought a new stake in State Street during the 4th quarter valued at $113,000. Focused Wealth Management Inc bought a new stake in State Street during the 4th quarter valued at $117,000. Financial Gravity Companies Inc. bought a new stake in State Street during the 4th quarter valued at $137,000. Finally, CNB Bank acquired a new stake in shares of State Street in the 4th quarter worth $141,000. Institutional investors own 87.97% 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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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