State Street Corp (NYSE:STT) has received a consensus rating of “Hold” from the twenty ratings firms that are presently covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $70.52.
Several equities research analysts recently weighed in on the company. Zacks Investment Research raised Investar from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Tuesday, June 4th. Buckingham Research decreased their price objective on State Street from $83.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, June 12th. Wells Fargo & Co set a $32.00 price objective on Farfetch and gave the stock a “buy” rating in a report on Wednesday, June 12th. Morgan Stanley set a $36.00 price objective on ArcBest and gave the stock a “hold” rating in a report on Monday, July 8th. Finally, Bank of America set a $20.00 price objective on Fiat Chrysler Automobiles and gave the stock a “hold” rating in a report on Thursday, June 6th.
In other State Street news, EVP Jeffrey N. Carp sold 25,000 shares of State Street stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total transaction of $1,580,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory L. Summe bought 3,000 shares of State Street stock in a transaction on Tuesday, May 7th. The shares were bought at an average cost of $64.50 per share, with a total value of $193,500.00. The disclosure for this purchase can be found here. 0.40% of the stock is owned by insiders.
Shares of NYSE STT traded up $0.15 during mid-day trading on Friday, reaching $55.19. 5,110,376 shares of the company’s stock were exchanged, compared to its average volume of 3,750,015. The firm has a market cap of $20.54 billion, a price-to-earnings ratio of 7.64, a price-to-earnings-growth ratio of 0.87 and a beta of 1.40. State Street has a 52 week low of $53.53 and a 52 week high of $95.68. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average price of $56.15.
State Street (NYSE:STT) last released its earnings results on Tuesday, April 23rd. The asset manager reported $1.24 EPS for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.05. The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.92 billion. State Street had a return on equity of 13.44% and a net margin of 18.77%. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.62 EPS. On average, analysts expect that State Street will post 5.94 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, June 28th. State Street’s payout ratio is presently 26.04%.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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