Jefferies Group upgraded shares of State Street (NYSE: STT) from a hold rating to a buy rating in a research report sent to investors on Friday morning. The firm currently has $65.00 price target on the stock, up from their previous price target of $59.00.
“We upgrade STT to Buy noting a stronger revenue environment, which should fuel positive estimate revisions and help restore its P/E valuation closer to a market multiple. An unmatched capital return profile and ramping cost saves provide downside support if the revenue environment sputters. We bump up our PT to $65 (from $59) using a higher multiple (12.5x vs. 11.5x) on our updated 2014 EPS ($5.20).,” Jefferies Group’s analyst commented.
Shares of State Street opened at 56.20 on Friday. State Street has a 52 week low of $38.95 and a 52 week high of $58.15. The stock’s 50-day moving average is currently $54.62. The company has a market cap of $25.777 billion and a P/E ratio of 13.38.
The company also recently declared a quarterly dividend, which is scheduled for Friday, April 12th. Stockholders of record on Monday, April 1st will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Wednesday, March 27th. This is a boost from State Street’s previous quarterly dividend of $0.24.
A number of other firms have also recently commented on STT. Analysts at Guggenheim downgraded shares of State Street from a buy rating to a neutral rating in a research note to investors on Tuesday, February 5th. They now have a $63.00 price target on the stock, up previously from $57.00. They noted that the move was a valuation call. Separately, analysts at TheStreet reiterated a buy rating on shares of State Street in a research note to investors on Monday, January 28th. Finally, analysts at Keefe, Bruyette & Woods downgraded shares of State Street from an outperform rating to a market perform rating in a research note to investors on Monday, January 28th. They now have a $60.00 price target on the stock, up previously from $58.00.
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