State Street (NYSE:STT) had its price objective reduced by Bank of America from $60.00 to $50.00 in a research report released on Monday morning, Stock Target Advisor reports. They currently have a buy rating on the asset manager’s stock.
STT has been the topic of a number of other research reports. Keefe, Bruyette & Woods raised State Street from a market perform rating to an outperform rating and set a $86.00 price target on the stock in a research note on Monday, December 9th. Citigroup reissued a buy rating and issued a $85.00 price target on shares of State Street in a research note on Friday, March 20th. Wells Fargo & Co dropped their price target on State Street from $88.00 to $68.00 and set an equal weight rating on the stock in a research note on Monday, March 16th. Jefferies Financial Group raised State Street from a hold rating to a buy rating and lifted their price target for the stock from $68.00 to $92.00 in a research note on Tuesday, January 7th. Finally, Deutsche Bank dropped their price target on State Street from $70.00 to $48.00 and set a hold rating on the stock in a research note on Wednesday, March 18th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. State Street has a consensus rating of Hold and a consensus price target of $76.33.
NYSE:STT opened at $49.42 on Monday. The business’s 50-day moving average price is $65.68 and its 200 day moving average price is $69.58. The firm has a market cap of $17.21 billion, a P/E ratio of 8.59, a PEG ratio of 0.69 and a beta of 1.54. State Street has a 52-week low of $42.10 and a 52-week high of $85.89. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.58.
State Street (NYSE:STT) last released its earnings results on Friday, January 17th. The asset manager reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.28. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $2.94 billion. State Street had a return on equity of 11.81% and a net margin of 18.14%. State Street’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.68 earnings per share. Sell-side analysts expect that State Street will post 6.54 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.08 annualized dividend and a yield of 4.21%. State Street’s dividend payout ratio (DPR) is presently 33.71%.
In other State Street news, EVP Andrew P. Kuritzkes sold 6,942 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $77.73, for a total transaction of $539,601.66. Following the transaction, the executive vice president now owns 38,112 shares of the company’s stock, valued at approximately $2,962,445.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC lifted its holdings in State Street by 38.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,523 shares of the asset manager’s stock worth $110,000 after purchasing an additional 426 shares during the last quarter. TFG Advisers LLC acquired a new stake in State Street in the 4th quarter worth approximately $115,000. Franklin Resources Inc. lifted its holdings in State Street by 1.1% in the 4th quarter. Franklin Resources Inc. now owns 625,071 shares of the asset manager’s stock worth $49,443,000 after purchasing an additional 6,938 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in State Street by 68.8% in the 4th quarter. Nuveen Asset Management LLC now owns 3,653,796 shares of the asset manager’s stock worth $289,015,000 after purchasing an additional 1,488,896 shares during the last quarter. Finally, RMR Wealth Builders acquired a new stake in State Street in the 4th quarter worth approximately $51,000. 92.52% 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. It 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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