State Street Corp (NYSE:STT) has received an average rating of “Buy” from the seventeen analysts that are currently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $108.33.
STT has been the subject of a number of research reports. ValuEngine raised shares of State Street from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $126.00 price target on the stock in a research report on Thursday, January 25th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a research report on Tuesday, December 12th. Bank of America boosted their price target on shares of State Street from $108.00 to $118.00 and gave the company a “neutral” rating in a research report on Wednesday, January 24th. Finally, Morgan Stanley boosted their price target on shares of State Street from $114.00 to $117.00 and gave the company an “equal weight” rating in a research report on Friday, February 2nd.
State Street (NYSE STT) traded up $0.97 during trading on Friday, hitting $106.87. 2,708,167 shares of the stock were exchanged, compared to its average volume of 1,905,476. State Street has a fifty-two week low of $75.27 and a fifty-two week high of $114.27. The stock has a market capitalization of $39,291.08, a price-to-earnings ratio of 20.43, a price-to-earnings-growth ratio of 1.39 and a beta of 1.29. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.49 and a quick ratio of 0.49.
State Street (NYSE:STT) last released its earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.10). State Street had a return on equity of 13.41% and a net margin of 17.94%. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same period in the previous year, the company earned $1.48 EPS. State Street’s quarterly revenue was up 8.5% compared to the same quarter last year. equities analysts expect that State Street will post 7.68 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Monday, April 2nd will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.57%. State Street’s payout ratio is currently 32.12%.
In other State Street news, CAO Elizabeth Schaefer sold 1,473 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $105.00, for a total value of $154,665.00. Following the transaction, the chief accounting officer now owns 9,362 shares of the company’s stock, valued at $983,010. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the company’s stock in a transaction dated 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. Insiders sold 49,531 shares of company stock worth $5,146,169 in the last ninety days. 0.71% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of STT. Zions Bancorporation lifted its position in State Street by 318.0% in the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after buying an additional 795 shares during the last quarter. NuWave Investment Management LLC purchased a new stake in State Street during the fourth quarter worth about $107,000. Legacy Advisors LLC increased its stake in State Street by 835.8% during 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 during the period. Delpha Capital Management LLC purchased a new stake in State Street during the fourth quarter worth about $113,000. Finally, Focused Wealth Management Inc purchased a new stake in State Street during the fourth quarter worth about $117,000. 89.15% of the stock is currently owned by institutional investors.
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About State Street
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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