State Street (NYSE:STT) had its price target hoisted by UBS Group from $58.00 to $59.00 in a research report released on Monday, BenzingaRatingsTable reports. UBS Group currently has a neutral rating on the asset manager’s stock.
Other research analysts also recently issued reports about the company. Bank of America set a $20.00 price objective on Fiat Chrysler Automobiles and gave the stock a hold rating in a report on Thursday, June 6th. Raymond James restated a buy rating and set a $18.00 price objective on shares of Cornerstone Progressive Return Fund in a report on Wednesday, June 12th. Wells Fargo & Co set a $32.00 price objective on Farfetch and gave the stock a buy rating in a report on Wednesday, June 12th. Deutsche Bank downgraded State Street from a buy rating to a hold rating and set a $69.95 price objective on the stock. in a report on Thursday, March 14th. Finally, Buckingham Research cut their price target on State Street from $83.00 to $67.00 and set a buy rating on the stock in a report on Wednesday, June 12th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Hold and an average target price of $70.52.
STT traded up $0.62 during trading on Monday, hitting $55.04. 3,941,430 shares of the stock were exchanged, compared to its average volume of 2,803,698. The stock has a 50 day moving average price of $56.30. The firm has a market capitalization of $20.35 billion, a price-to-earnings ratio of 7.62, a price-to-earnings-growth ratio of 0.87 and a beta of 1.40. State Street has a 1 year low of $53.53 and a 1 year high of $95.68. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.45 and a current ratio of 0.45.
State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 EPS for the quarter, topping the consensus estimate of $1.19 by $0.05. The company had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.92 billion. State Street had a return on equity of 13.44% and a net margin of 18.77%. State Street’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period last year, the business posted $1.62 EPS. As a group, equities analysts forecast that State Street will post 6.12 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st will be issued a $0.47 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.42%. State Street’s dividend payout ratio is presently 26.04%.
In other State Street news, Director Gregory L. Summe bought 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were purchased at an average cost of $64.50 per share, for a total transaction of $193,500.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey N. Carp sold 25,000 shares of State Street stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total value of $1,580,500.00. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Kaizen Advisory LLC lifted its holdings in shares of State Street by 18.0% in the 4th quarter. Kaizen Advisory LLC now owns 1,044 shares of the asset manager’s stock valued at $66,000 after buying an additional 159 shares during the period. Sowell Financial Services LLC lifted its holdings in shares of State Street by 3.2% in the 4th quarter. Sowell Financial Services LLC now owns 5,514 shares of the asset manager’s stock valued at $348,000 after buying an additional 172 shares during the period. Guinness Asset Management Ltd lifted its holdings in shares of State Street by 5.4% in the 1st quarter. Guinness Asset Management Ltd now owns 3,910 shares of the asset manager’s stock valued at $257,000 after buying an additional 200 shares during the period. Norinchukin Bank The lifted its holdings in shares of State Street by 0.7% in the 1st quarter. Norinchukin Bank The now owns 29,898 shares of the asset manager’s stock valued at $1,968,000 after buying an additional 200 shares during the period. Finally, Resources Investment Advisors Inc. lifted its holdings in shares of State Street by 28.7% in the 1st quarter. Resources Investment Advisors Inc. now owns 919 shares of the asset manager’s stock valued at $60,000 after buying an additional 205 shares during the period. 89.56% of the stock is owned by institutional investors.
State Street Company Profile
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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