State Street (NYSE:STT) Price Target Raised to $187.50

State Street (NYSE:STT) had its price target upped by JPMorgan Chase & Co. from $187.00 to $187.50 in a research report released on Friday,Benzinga reports. They currently have a neutral rating on the asset manager’s stock.

Other analysts also recently issued research reports about the stock. The Goldman Sachs Group raised their price objective on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods upped their target price on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Royal Bank Of Canada increased their price target on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a report on Friday, July 17th. Truist Financial reissued a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, Weiss Ratings upgraded State Street from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.10.

State Street Trading Up 0.0%

STT stock opened at $176.00 on Friday. State Street has a twelve month low of $104.64 and a twelve month high of $195.93. The stock has a market capitalization of $48.35 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth ratio of 0.83 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm’s fifty day simple moving average is $186.43 and its two-hundred day simple moving average is $166.43.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the business earned $2.04 EPS. The business’s revenue was up 23.3% on a year-over-year basis. As a group, analysts anticipate that State Street will post 13.8 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 2.1%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is presently 32.45%.

Insiders Place Their Bets

In other State Street news, CEO Ronald O’Hanley sold 14,553 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of State Street stock in a transaction on 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 owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Philadelphia Investment Partners LLC purchased a new stake in shares of State Street during the second quarter valued at about $26,000. Bell Investment Advisors Inc purchased a new position in shares of State Street in the 2nd quarter worth approximately $28,000. Phillip James Consulting Co. purchased a new position in shares of State Street in the 4th quarter worth approximately $30,000. Elevation Wealth Partners LLC raised its stake in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Finally, Continuum Advisory LLC bought a new position in shares of State Street during the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street News Roundup

Here are the key news stories impacting State Street this week:

• Positive Sentiment: Analysts are becoming more optimistic ahead of the earnings release. State Street is expected to report third-quarter earnings per share of approximately $3.66 and revenue of $4.04 billion, while several Wall Street analysts have recently raised their price targets and maintained mostly bullish ratings. State Street Gears Up For Q3 Print
• Positive Sentiment: State Street’s consensus price target was reportedly increased 11.76% to MX$3,878.53, indicating improving analyst expectations, although the foreign-currency denomination makes the figure difficult to compare directly with the U.S.-listed shares. State Street consensus price target increased
• Neutral Sentiment: JPMorgan raised its price target for STT modestly from $187.00 to $187.50 but kept a “neutral” rating, suggesting limited conviction despite the implied upside from recent trading levels. JPMorgan raises State Street price target
• Neutral Sentiment: Articles about State Street mutual funds, dividend characteristics and growth ETFs highlight its investment products but do not announce a material change to the corporation’s earnings outlook or operations. State Street Corp’s Dividend Analysis
• Neutral Sentiment: State Street-related entities reported reducing or ending substantial-holder positions in IDP Education, Kingsgate Consolidated and Mesoblast. These are portfolio transactions involving other companies and are not direct changes to State Street’s business outlook.

About State Street

State Street Corporation (NYSE: STT) is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.