Citigroup Lowers State Street (NYSE:STT) Price Target to $100.00

State Street (NYSE:STT) had its price objective reduced by Citigroup from $105.00 to $100.00 in a report released on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the asset manager’s stock.

Several other equities research analysts also recently weighed in on STT. JPMorgan Chase & Co. raised shares of 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. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 price objective (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Barclays upped their target price on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Truist Financial decreased their price target on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, State Street has an average rating of “Hold” and a consensus price target of $101.87.

State Street Stock Up 0.1 %

Shares of NYSE:STT opened at $92.64 on Monday. State Street has a 12 month low of $70.20 and a 12 month high of $103.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a 50-day moving average price of $95.70 and a 200 day moving average price of $94.38. The company has a market cap of $26.72 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last released 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 firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.04 EPS. As a group, equities research analysts predict 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. Shareholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is 36.89%.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Albion Financial Group UT purchased a new position in State Street in the fourth quarter worth $25,000. Y.D. More Investments Ltd increased its holdings in shares of State Street by 116.6% during the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in State Street in the 4th quarter worth approximately $42,000. Coppell Advisory Solutions LLC grew its position in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after purchasing an additional 412 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its stake in State Street by 187.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after purchasing an additional 311 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About State Street

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.