State Street Corporation (NYSE:STT) Given Consensus Rating of “Moderate Buy” by Brokerages

State Street Corporation (NYSE:STT) has earned an average rating of “Moderate Buy” from the thirteen analysts that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $135.8333.

Several research firms have recently weighed in on STT. Truist Financial set a $136.00 price target on shares of State Street in a research note on Tuesday, January 20th. Morgan Stanley decreased their price objective on State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Finally, Loop Capital set a $144.00 price target on State Street in a research note on Tuesday, January 6th.

State Street Stock Down 2.3%

STT stock opened at $125.00 on Tuesday. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average of $130.01 and a two-hundred day moving average of $120.78. State Street has a 12 month low of $72.81 and a 12 month high of $137.05. The company has a market cap of $34.84 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 1.12 and a beta of 1.43.

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

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. State Street’s dividend payout ratio is presently 35.71%.

Institutional Investors Weigh In On State Street

A number of institutional investors have recently modified their holdings of the company. 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 purchased a new stake in shares of State Street in the 2nd quarter valued at approximately $256,367,000. Pinebridge Investments LLC acquired a new stake in shares of State Street in the 4th quarter valued at $178,705,000. Victory Capital Management Inc. raised its holdings in shares of State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after purchasing an additional 1,074,174 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of State Street by 261.0% during the 3rd 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 during the last quarter. 87.44% of the stock is 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.