State Street Corporation (NYSE:STT) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of State Street Corporation (NYSE:STT) have received a consensus recommendation of “Moderate Buy” from the sixteen analysts that are covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $184.7188.

Several research firms have recently commented on STT. Keefe, Bruyette & Woods increased their price target on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. The Goldman Sachs Group boosted their price objective on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Evercore set a $200.00 price objective on State Street in a report on Monday, July 20th. Seaport Research Partners reiterated a “buy” rating and issued a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st.

State Street Price Performance

State Street stock opened at $182.77 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57. The company has a market capitalization of $50.59 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 0.76 and a beta of 1.42. State Street has a one year low of $104.64 and a one year high of $192.51. The business has a 50 day simple moving average of $170.32 and a 200 day simple moving average of $146.79.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.04 earnings per share. On average, sell-side analysts forecast that State Street will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

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

Insider Buying and Selling at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the 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 of the company’s stock, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

A number of institutional investors and hedge funds have recently added to or reduced their stakes in STT. Wilkerson Advisory Group LLC acquired a new position in shares of State Street during the 4th quarter worth approximately $29,000. JPL Wealth Management LLC bought a new stake in shares of State Street during the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. acquired a new stake in shares of State Street in the 4th quarter valued at approximately $30,000. Elevation Wealth Partners LLC boosted its holdings in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after buying an additional 106 shares during the last quarter. Finally, Whipplewood Advisors LLC bought a new position in shares of State Street in the first quarter valued at $34,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.