State Street Corp (NYSE:STT) has earned a consensus rating of “Buy” from the seventeen research firms that are presently covering the firm, Marketbeat.com reports. 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 on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $111.33.
STT has been the topic of several recent research reports. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $126.00 price target on the stock in a research note on Thursday, January 25th. Buckingham Research upped their price target on State Street from $124.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods set a $120.00 price target on State Street and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Vining Sparks reaffirmed a “buy” rating and issued a $120.00 price target on shares of State Street in a research note on Monday, January 8th. Finally, Citigroup raised State Street from a “neutral” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Wednesday, January 10th.
STT stock traded up $2.76 during midday trading on Thursday, hitting $104.18. The stock had a trading volume of 2,533,122 shares, compared to its average volume of 1,773,580. The stock has a market cap of $37,110.91, a price-to-earnings ratio of 17.28, a PEG ratio of 1.32 and a beta of 1.31. State Street has a 52-week low of $77.41 and a 52-week high of $114.27. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.61.
State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.71 by ($0.10). The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.98 billion. State Street had a return on equity of 13.41% and a net margin of 17.94%. State Street’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.48 earnings per share. equities research analysts expect that State Street will post 7.67 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, April 16th. Shareholders of record on Monday, April 2nd were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.61%. The ex-dividend date was Thursday, March 29th. State Street’s dividend payout ratio (DPR) is 28.19%.
In other news, CEO Joseph L. Hooley sold 33,568 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $102.65, for a total transaction of $3,445,755.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $108.17, for a total value 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 over the last three months. Corporate insiders own 0.40% of the company’s stock.
Large investors have recently made changes to their positions in the company. HBK Sorce Advisory LLC bought a new position in shares of State Street during the fourth quarter valued at $653,000. First Trust Advisors LP lifted its holdings in shares of State Street by 7.9% during the fourth quarter. First Trust Advisors LP now owns 254,980 shares of the asset manager’s stock valued at $24,889,000 after purchasing an additional 18,704 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of State Street by 44.5% during the fourth 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 in the last quarter. Baird Financial Group Inc. lifted its holdings in shares of State Street by 10.9% during the fourth 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 in the last quarter. Finally, Unio Capital LLC bought a new position in shares of State Street during the fourth quarter valued at $532,000. 88.54% of the stock is currently owned by hedge funds and other institutional investors.
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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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