Brokerages Set State Street Co. (NYSE:STT) Target Price at $101.20

Shares of State Street Co. (NYSE:STT - Get Free Report) have earned a consensus rating of "Hold" from the fifteen research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $101.20.

A number of research analysts recently commented on the company. Morgan Stanley decreased their price target on State Street from $142.00 to $139.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Truist Financial decreased their price objective on shares of State Street from $106.00 to $104.00 and set a "hold" rating on the stock in a research note on Tuesday, January 21st. Wells Fargo & Company upped their target price on State Street from $108.00 to $118.00 and gave the stock an "overweight" rating in a research note on Thursday, January 2nd. Finally, JPMorgan Chase & Co. upgraded State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price target on the stock in a research note on Friday, December 20th.

Insider Activity at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

Remove Ads

Hedge Funds Weigh In On State Street

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in State Street during the fourth quarter worth $161,021,000. Price T Rowe Associates Inc. MD boosted its holdings in State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after acquiring an additional 1,622,408 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager's stock worth $514,136,000 after acquiring an additional 1,354,560 shares during the last quarter. FMR LLC grew its stake in shares of State Street by 14.2% in the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after acquiring an additional 870,849 shares in the last quarter. Finally, Azora Capital LP purchased a new stake in shares of State Street in the fourth quarter valued at about $80,294,000. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Performance

STT stock traded up $0.08 during mid-day trading on Tuesday, hitting $85.80. 1,062,407 shares of the company were exchanged, compared to its average volume of 2,070,319. State Street has a 1-year low of $70.20 and a 1-year high of $103.00. The stock has a market capitalization of $24.75 billion, a PE ratio of 10.41, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The business has a 50 day simple moving average of $97.43 and a 200-day simple moving average of $94.15. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same period last year, the firm earned $2.04 earnings per share. State Street's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts forecast that State Street will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.54%. State Street's dividend payout ratio is presently 36.89%.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.