State Street Corporation (NYSE:STT) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of State Street Corporation (NYSE:STT) have received an average rating of “Moderate Buy” from the sixteen analysts that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $130.2727.

A number of equities analysts have issued reports on STT shares. Truist Financial decreased their price target on State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research note on Monday, October 20th. TD Cowen started coverage on State Street in a report on Thursday, September 25th. They issued a “buy” rating for the company. Keefe, Bruyette & Woods raised their target price on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Wells Fargo & Company lifted their target price on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Finally, Wall Street Zen cut shares of State Street from a “hold” rating to a “sell” rating in a research report on Saturday.

State Street Stock Up 0.1%

State Street stock opened at $129.08 on Monday. State Street has a 52 week low of $72.81 and a 52 week high of $133.00. The stock has a market cap of $36.05 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.06 and a beta of 1.43. The company’s 50-day moving average price is $122.06 and its two-hundred day moving average price is $115.24. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.43 billion. During the same period last year, the firm posted $2.26 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. On average, analysts expect that State Street will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Friday, January 2nd will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, January 2nd. State Street’s payout ratio is presently 35.56%.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares in the company, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On State Street

Several large investors have recently modified their holdings of STT. Brown Advisory Inc. raised its position in shares of State Street by 0.5% during the second quarter. Brown Advisory Inc. now owns 17,224 shares of the asset manager’s stock worth $1,832,000 after purchasing an additional 93 shares during the period. Annis Gardner Whiting Capital Advisors LLC increased its stake in State Street by 38.2% in the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares in the last quarter. Global Retirement Partners LLC raised its holdings in State Street by 7.7% during the 3rd quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager’s stock worth $171,000 after buying an additional 105 shares during the period. Security National Bank of SO Dak raised its holdings in State Street by 0.5% during the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock worth $2,289,000 after buying an additional 105 shares during the period. Finally, Harbour Investments Inc. lifted its stake in State Street by 11.7% during the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock valued at $108,000 after buying an additional 106 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

About State Street

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.