State Street Corporation (NYSE:STT) Receives $185.38 Consensus Target Price from Analysts

Shares of State Street Corporation (NYSE:STT) have earned an average recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $185.3750.

Several equities analysts recently commented on STT shares. Citigroup boosted their price target on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Evercore set a $200.00 price objective on shares of State Street in a research report on Monday, July 20th. Royal Bank Of Canada lifted their price objective on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. UBS Group set a $176.00 target price on shares of State Street in a research report on Friday, June 26th. Finally, Truist Financial restated a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th.

State Street Stock Down 0.3%

Shares of NYSE STT opened at $182.56 on Friday. The stock has a fifty day moving average price of $187.36 and a 200 day moving average price of $162.27. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street has a 12-month low of $104.64 and a 12-month high of $195.93. The company has a market cap of $50.15 billion, a P/E ratio of 16.10, a P/E/G ratio of 0.87 and a beta of 1.41.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the firm posted $2.04 earnings per share. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. Research analysts anticipate that State Street will post 13.76 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is presently 29.63%.

Insider Transactions at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently made changes to their positions in the business. Western Wealth Management LLC increased its stake in shares of State Street by 3.1% in the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after buying an additional 60 shares during the last quarter. Arjuna Capital grew its holdings in State Street by 0.4% during the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after acquiring an additional 95 shares in the last quarter. CX Institutional increased its position in shares of State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock worth $1,660,000 after purchasing an additional 98 shares during the last quarter. Greenleaf Trust raised its stake in shares of State Street by 0.6% in the 2nd quarter. Greenleaf Trust now owns 17,295 shares of the asset manager’s stock valued at $2,933,000 after purchasing an additional 99 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in shares of State Street by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after purchasing an additional 100 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Company Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.