State Street Corporation (NYSE:STT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of State Street Corporation (NYSE:STT) have been assigned a consensus rating of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $135.8333.

Several research firms recently commented on STT. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Loop Capital set a $144.00 price target on shares of State Street in a research note on Tuesday, January 6th. Citigroup initiated coverage on shares of State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 price target for the company. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Finally, Truist Financial set a $136.00 price objective on State Street in a report on Tuesday, January 20th.

State Street Stock Performance

NYSE:STT opened at $121.52 on Friday. The company has a market capitalization of $33.87 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 1.06 and a beta of 1.43. The business has a 50 day moving average of $127.73 and a 200 day moving average of $122.21. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. State Street has a 1-year low of $72.81 and a 1-year high of $137.05.

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

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 35.71%.

Insider Buying and Selling

In other State Street news, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the sale, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wilkerson Advisory Group LLC bought a new stake in State Street during the 4th quarter valued at $29,000. Phillip James Consulting Co. bought a new stake in State Street in the 4th quarter worth $30,000. JPL Wealth Management LLC purchased a new position in shares of State Street in the third quarter valued at about $29,000. True Wealth Design LLC increased its position in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 158 shares during the period. Finally, Reflection Asset Management bought a new position in shares of State Street during the fourth quarter valued at about $35,000. Institutional investors own 87.44% of the company’s stock.

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.