State Street (NYSE:STT) Upgraded at BMO Capital Markets

BMO Capital Markets upgraded shares of State Street (NYSE:STT) to a strong-buy rating in a report published on Thursday,Zacks.com reports.

Several other research analysts have also weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Saturday, September 27th. Citigroup raised State Street from a “neutral” rating to a “buy” rating and upped their target price for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Bank of America upped their target price on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 16th. TD Cowen initiated coverage on State Street in a research report on Thursday, September 25th. They issued a “buy” rating on the stock. Finally, Evercore ISI upped their price target on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $122.67.

State Street Stock Up 1.1%

NYSE:STT opened at $116.35 on Thursday. The firm has a market capitalization of $33.01 billion, a price-to-earnings ratio of 13.03, a PEG ratio of 1.13 and a beta of 1.46. State Street has a 1-year low of $72.81 and a 1-year high of $118.06. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The business’s fifty day moving average price is $112.83 and its 200 day moving average price is $101.46.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.15 earnings per share. On average, sell-side analysts forecast that State Street will post 9.68 earnings per share 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. Investors of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is currently 37.63%.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by insiders.

Institutional Trading of State Street

Hedge funds have recently added to or reduced their stakes in the business. First Pacific Financial bought a new stake in State Street during the 1st quarter valued at approximately $25,000. Capital Analysts LLC lifted its position in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after acquiring an additional 274 shares during the period. Larson Financial Group LLC lifted its position in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after acquiring an additional 118 shares during the period. Golden State Wealth Management LLC lifted its position in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after acquiring an additional 310 shares during the period. Finally, MV Capital Management Inc. lifted its position in shares of State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock worth $45,000 after acquiring an additional 251 shares during the period. 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.