State Street (NYSE:STT) Upgraded by Bank of America to “Neutral” Rating

Bank of America upgraded shares of State Street (NYSE:STT) from an underperform rating to a neutral rating in a report released on Monday morning, Marketbeat.com reports. The brokerage currently has $143.00 price objective on the asset manager’s stock.

Several other analysts have also recently issued reports on the stock. Morgan Stanley decreased their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. Loop Capital set a $144.00 target price on shares of State Street in a research report on Tuesday, January 6th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Finally, Truist Financial set a $136.00 target price on shares of State Street in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average target price of $138.67.

State Street Stock Up 0.9%

STT opened at $129.96 on Monday. The firm has a 50-day simple moving average of $126.99 and a two-hundred day simple moving average of $123.43. State Street has a 52 week low of $72.81 and a 52 week high of $137.05. The company has a market capitalization of $36.22 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations 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 in the prior year, the company earned $2.60 EPS. Analysts forecast that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. State Street’s dividend payout ratio (DPR) is currently 35.71%.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were 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 directly owned 56,162 shares in the company, valued at $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On State Street

Several institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. boosted its stake in State Street by 2.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 25,882 shares of the asset manager’s stock valued at $3,339,000 after acquiring an additional 716 shares in the last quarter. World Investment Advisors acquired a new stake in State Street in the fourth quarter valued at approximately $315,000. Corient Private Wealth LLC boosted its stake in State Street by 5.2% in the fourth quarter. Corient Private Wealth LLC now owns 191,623 shares of the asset manager’s stock valued at $24,734,000 after acquiring an additional 9,517 shares in the last quarter. Rehmann Capital Advisory Group acquired a new stake in State Street in the fourth quarter valued at approximately $213,000. Finally, SHP Wealth Management acquired a new stake in State Street in the fourth quarter valued at approximately $357,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Company Profile

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.