Brokerages Set State Street Corporation (NYSE:STT) Target Price at $130.27

Shares of State Street Corporation (NYSE:STT) have been assigned an average rating of “Moderate Buy” from the sixteen analysts that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $133.7692.

A number of equities research analysts have recently commented on the stock. Citigroup raised their price objective on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, December 30th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Truist Financial reissued a “hold” rating and set a $138.00 target price (up from $131.00) on shares of State Street in a research note on Wednesday. Finally, Morgan Stanley restated an “overweight” rating and issued a $168.00 price target on shares of State Street in a research note on Tuesday, December 16th.

State Street Price Performance

Shares of STT opened at $132.45 on Monday. The business’s 50-day moving average is $123.68 and its two-hundred day moving average is $116.17. The company has a market capitalization of $36.99 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.89 and a beta of 1.43. State Street has a fifty-two week low of $72.81 and a fifty-two week high of $134.67. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.59 and a current ratio of 0.59.

State Street (NYSE:STT) last issued its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.26 earnings per share. Research analysts predict that State Street will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Stockholders of record on Friday, January 2nd will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, January 2nd. State Street’s dividend payout ratio is presently 35.56%.

Insider Activity

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On State Street

Large investors have recently added to or reduced their stakes in the stock. Regents of The University of California purchased a new stake in shares of State Street during the third quarter worth about $324,576,000. Norges Bank acquired a new stake in State Street in the 2nd quarter worth about $256,367,000. Two Sigma Investments LP increased its stake in State Street by 261.0% during the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after buying an additional 880,507 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of State Street by 36.8% during the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after acquiring an additional 738,456 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of State Street during the third quarter valued at approximately $62,092,000. 87.44% of the stock is currently 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.