State Street (NYSE:STT) Now Covered by Analysts at Citigroup

Citigroup assumed coverage on shares of State Street (NYSE:STT) in a report released on Monday morning, MarketBeat reports. The firm issued a buy rating and a $150.00 price target on the asset manager’s stock.

Several other equities analysts have also weighed in on STT. TD Cowen restated a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. Morgan Stanley decreased their target price on State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Truist Financial set a $136.00 target price on State Street in a report on Tuesday, January 20th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Stock Down 2.3%

Shares of NYSE:STT opened at $125.00 on Monday. The stock has a 50-day simple moving average of $130.01 and a 200-day simple moving average of $120.78. The stock has a market capitalization of $34.84 billion, a P/E ratio of 13.28, a PEG ratio of 1.12 and a beta of 1.43. State Street has a 1 year low of $72.81 and a 1 year high of $137.05. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating the consensus estimate of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the firm posted $2.60 earnings per share. State Street’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities analysts forecast that State Street will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.7%. State Street’s payout ratio is currently 35.71%.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently made changes to their positions in STT. Regents of The University of California raised its holdings in State Street by 211.2% in the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after acquiring an additional 5,908,370 shares in the last quarter. Norges Bank bought a new stake in shares of State Street in the 2nd quarter worth about $256,367,000. Pinebridge Investments LLC acquired a new stake in shares of State Street in the 4th quarter valued at about $178,705,000. Victory Capital Management Inc. lifted its position in shares of State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after purchasing an additional 1,074,174 shares during the last quarter. Finally, Two Sigma Investments LP grew its stake in State Street by 261.0% in the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after purchasing an additional 880,507 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other 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.