State Street Co. (NYSE:STT) Receives $100.33 Average Price Target from Brokerages

Shares of State Street Co. (NYSE:STT) have earned an average recommendation of “Hold” from the fifteen brokerages that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $100.73.

Several brokerages recently commented on STT. Truist Financial decreased their target price 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. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a research note on Saturday. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research note on Friday, December 20th. Wells Fargo & Company upped their price target on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Finally, Evercore ISI lifted their price objective on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th.

Insider Transactions at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC raised its holdings in State Street by 30.4% in 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 raised its stake in shares of State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of State Street by 818.1% during the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after purchasing an additional 462,201 shares in the last quarter. National Bank of Canada FI boosted its position in shares of State Street by 99.4% during the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock valued at $78,574,000 after buying an additional 442,725 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in State Street by 13.8% in the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after buying an additional 408,792 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

State Street stock opened at $99.09 on Monday. The firm has a fifty day simple moving average of $98.00 and a two-hundred day simple moving average of $90.47. State Street has a twelve month low of $70.20 and a twelve month high of $101.91. The company has a market capitalization of $29.05 billion, a PE ratio of 12.03, a P/E/G ratio of 1.11 and a beta of 1.43. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3,267,560 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.04 EPS. Research analysts expect that State Street will post 9.43 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Thursday, January 2nd. State Street’s dividend payout ratio is 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.