State Street Corp (NYSE:STT) has earned a consensus rating of “Hold” from the nineteen analysts that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $82.57.
A number of research analysts have issued reports on the stock. Credit Suisse Group reduced their target price on shares of State Street from $80.00 to $75.00 and set a “neutral” rating for the company in a research note on Tuesday, January 22nd. Wells Fargo & Co downgraded shares of State Street from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 22nd. Goldman Sachs Group lowered shares of State Street from a “buy” rating to a “neutral” rating and set a $71.30 price target on the stock. in a report on Tuesday, January 22nd. Zacks Investment Research lowered shares of State Street from a “hold” rating to a “strong sell” rating in a research note on Monday, January 14th. Finally, Raymond James upgraded shares of State Street from a “market perform” rating to a “strong-buy” rating and set a $82.00 price objective on the stock in a research note on Monday, January 14th.
A number of hedge funds have recently bought and sold shares of the stock. Schroder Investment Management Group boosted its holdings in State Street by 41.5% in the second quarter. Schroder Investment Management Group now owns 16,408 shares of the asset manager’s stock valued at $1,547,000 after acquiring an additional 4,815 shares during the last quarter. State of Alaska Department of Revenue raised its position in State Street by 7.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 68,040 shares of the asset manager’s stock valued at $5,697,000 after buying an additional 4,822 shares during the last quarter. NEXT Financial Group Inc purchased a new stake in State Street in the 3rd quarter valued at $281,000. Ipswich Investment Management Co. Inc. purchased a new stake in State Street in the 3rd quarter valued at $233,000. Finally, E&G Advisors LP raised its position in State Street by 37.4% in the 3rd quarter. E&G Advisors LP now owns 8,933 shares of the asset manager’s stock valued at $748,000 after buying an additional 2,433 shares during the last quarter. 88.51% of the stock is owned by institutional investors and hedge funds.
State Street stock traded down $0.04 during midday trading on Wednesday, hitting $68.92. 42,215 shares of the stock were exchanged, compared to its average volume of 3,369,085. State Street has a 1 year low of $57.87 and a 1 year high of $110.33. The company has a market capitalization of $26.29 billion, a price-to-earnings ratio of 9.55, a price-to-earnings-growth ratio of 1.16 and a beta of 1.36. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.53 and a quick ratio of 0.50.
State Street (NYSE:STT) last released its earnings results on Friday, January 18th. The asset manager reported $1.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.67 by $0.01. State Street had a net margin of 20.05% and a return on equity of 14.44%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the previous year, the firm earned $1.61 EPS. The company’s revenue was up 4.9% on a year-over-year basis. Analysts forecast that State Street will post 6.85 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 16th. Investors of record on Wednesday, January 2nd were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Monday, December 31st. State Street’s dividend payout ratio (DPR) is presently 26.04%.
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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