State Street (NYSE:STT) had its price objective trimmed by Morgan Stanley from $117.00 to $113.00 in a research note published on Monday morning. The firm currently has an equal weight rating on the asset manager’s stock.
A number of other analysts also recently weighed in on the stock. Deutsche Bank reduced their target price on shares of State Street from $116.00 to $115.00 and set a buy rating on the stock in a research report on Friday, June 29th. Zacks Investment Research downgraded shares of State Street from a buy rating to a hold rating in a research report on Wednesday, June 6th. Sandler O’Neill reaffirmed a hold rating and issued a $104.00 target price on shares of State Street in a research report on Monday, April 9th. Keefe, Bruyette & Woods set a $115.00 target price on shares of State Street and gave the stock a buy rating in a research report on Wednesday, April 4th. Finally, ValuEngine downgraded shares of State Street from a buy rating to a hold rating in a research report on Monday, April 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $112.38.
Shares of NYSE STT opened at $92.92 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.56 and a quick ratio of 0.56. State Street has a 12 month low of $89.25 and a 12 month high of $114.27. The firm has a market capitalization of $34.36 billion, a price-to-earnings ratio of 15.59, a P/E/G ratio of 1.21 and a beta of 1.28.
State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 20th. The asset manager reported $1.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.04. State Street had a net margin of 19.07% and a return on equity of 14.23%. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3 billion. During the same period in the prior year, the business earned $1.21 EPS. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. equities research analysts expect that State Street will post 7.78 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 17th. Investors of record on Monday, July 2nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Friday, June 29th. State Street’s dividend payout ratio (DPR) is 28.19%.
In related news, EVP Karen C. Keenan sold 851 shares of the stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $100.78, for a total transaction of $85,763.78. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeff D. Conway sold 288 shares of the stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $100.78, for a total transaction of $29,024.64. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. HBK Sorce Advisory LLC purchased a new stake in State Street during the 4th quarter valued at about $653,000. Deutsche Bank AG grew its position in State Street by 44.5% during the 4th quarter. Deutsche Bank AG now owns 1,075,508 shares of the asset manager’s stock valued at $104,975,000 after purchasing an additional 331,230 shares during the last quarter. Baird Financial Group Inc. grew its position in State Street by 10.9% during the 4th quarter. Baird Financial Group Inc. now owns 10,348 shares of the asset manager’s stock valued at $1,010,000 after purchasing an additional 1,015 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in State Street by 8.1% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 222,003 shares of the asset manager’s stock valued at $21,670,000 after purchasing an additional 16,689 shares during the last quarter. Finally, Bain Capital Public Equity Management LLC purchased a new stake in State Street during the 4th quarter valued at about $13,518,000. 87.97% of the stock is currently owned by institutional investors.
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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