State Street Co. (NYSE:STT) Receives $84.04 Consensus Price Target from Analysts

Shares of State Street Co. (NYSE:STT) have earned a consensus recommendation of “Hold” from the eleven brokerages that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $84.04.

Several research firms recently commented on STT. Evercore ISI boosted their price objective on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Royal Bank of Canada boosted their price objective on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Monday, January 22nd. Morgan Stanley upped their target price on shares of State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Argus upped their target price on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Finally, Barclays upped their target price on shares of State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd.

State Street Trading Up 1.6 %

NYSE:STT opened at $74.51 on Friday. State Street has a one year low of $62.78 and a one year high of $79.90. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. The company’s 50-day simple moving average is $74.01 and its 200 day simple moving average is $72.60. The firm has a market capitalization of $22.50 billion, a P/E ratio of 13.95, a PEG ratio of 1.30 and a beta of 1.52.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, topping the consensus estimate of $1.83 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the previous year, the firm posted $2.07 earnings per share. State Street’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, analysts forecast that State Street will post 7.93 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 28th. This represents a $2.76 dividend on an annualized basis and a yield of 3.70%. State Street’s dividend payout ratio (DPR) is 51.69%.

Insider Activity at State Street

In related news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares in the company, valued at $11,015,755.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the sale, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the sale, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The disclosure for this sale can be found here. Insiders have sold a total of 18,864 shares of company stock worth $1,390,597 over the last quarter. Company insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STT. Banque Cantonale Vaudoise increased its stake in shares of State Street by 54.9% in the third quarter. Banque Cantonale Vaudoise now owns 10,839 shares of the asset manager’s stock worth $726,000 after purchasing an additional 3,841 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of State Street in the fourth quarter worth $45,687,000. Crestwood Advisors Group LLC increased its stake in shares of State Street by 11.0% in the third quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock worth $5,562,000 after purchasing an additional 8,202 shares in the last quarter. Ferguson Wellman Capital Management Inc. increased its stake in shares of State Street by 3.7% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock worth $37,522,000 after purchasing an additional 17,270 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of State Street by 19.9% in the fourth quarter. Mackenzie Financial Corp now owns 181,856 shares of the asset manager’s stock worth $14,087,000 after purchasing an additional 30,124 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

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.