State Street (NYSE:STT) Coverage Initiated by Analysts at TD Cowen

TD Cowen started coverage on shares of State Street (NYSE:STT) in a research report sent to investors on Thursday morning, Marketbeat.com reports. The firm issued a buy rating on the asset manager’s stock.

Other equities analysts have also issued reports about the stock. Bank of America increased their price target on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. Cfra Research upgraded shares of State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and increased their price target for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Evercore ISI increased their price target on shares of State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley increased their price target on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $114.18.

State Street Stock Up 1.1%

STT stock opened at $114.20 on Thursday. The firm has a market capitalization of $32.40 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.10 and a beta of 1.50. State Street has a fifty-two week low of $72.81 and a fifty-two week high of $116.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The company’s 50 day moving average price is $112.18 and its 200 day moving average price is $100.17.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.15 earnings per share. On average, equities research analysts anticipate that State Street will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from State Street’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street’s payout ratio is 34.04%.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On State Street

Several hedge funds have recently modified their holdings of STT. Brighton Jones LLC acquired a new stake in shares of State Street during the fourth quarter worth $296,000. GTS Securities LLC lifted its holdings in shares of State Street by 123.6% during the fourth quarter. GTS Securities LLC now owns 2,750 shares of the asset manager’s stock worth $270,000 after purchasing an additional 14,381 shares during the period. Integrated Advisors Network LLC acquired a new stake in shares of State Street during the fourth quarter worth $207,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of State Street during the fourth quarter worth $30,624,000. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of State Street by 14.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 33,006 shares of the asset manager’s stock worth $3,240,000 after purchasing an additional 4,220 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

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.