State Street (NYSE:STT) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of State Street (NYSE:STT) from an underweight rating to a neutral rating in a research report released on Friday morning, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has $95.00 target price on the asset manager’s stock.

STT has been the topic of several other reports. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $102.00 to $139.00 in a research note on Monday, December 9th. Evercore ISI increased their target price on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their target price on State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, State Street currently has an average rating of “Hold” and a consensus price target of $98.36.

State Street Stock Up 2.9 %

NYSE STT opened at $98.20 on Friday. The stock has a market capitalization of $28.79 billion, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. State Street has a 52 week low of $70.20 and a 52 week high of $101.91. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a fifty day moving average of $95.56 and a 200-day moving average of $86.13.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.93 EPS. On average, equities research analysts forecast that State Street will post 8.42 EPS for the current year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is presently 48.03%.

Insider Activity

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,460 shares of company stock valued at $2,499,860. 0.31% of the stock is owned by company insiders.

Institutional Investors Weigh In On State Street

A number of institutional investors have recently modified their holdings of STT. Principal Financial Group Inc. raised its stake in State Street by 1.2% in the 3rd quarter. Principal Financial Group Inc. now owns 346,252 shares of the asset manager’s stock worth $30,633,000 after purchasing an additional 4,052 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of State Street in the third quarter valued at approximately $209,000. Inspire Trust Co. N.A. raised its position in shares of State Street by 5.9% in the third quarter. Inspire Trust Co. N.A. now owns 35,776 shares of the asset manager’s stock valued at $3,165,000 after buying an additional 2,000 shares in the last quarter. Franklin Resources Inc. grew its position in State Street by 13.8% during the third 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. Finally, Peapack Gladstone Financial Corp grew its position in State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after buying an additional 103 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

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.