JPMorgan Chase & Co. upgraded shares of State Street (NYSE:STT – Free Report) from an underweight rating to a neutral rating in a research report sent to investors on Friday morning, MarketBeat reports. They currently have $95.00 price target on the asset manager’s stock.
A number of other research firms also recently weighed in on STT. Morgan Stanley upgraded shares of State Street from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $102.00 to $139.00 in a research note on Monday, December 9th. Evercore ISI raised their target price on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upped their price target on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $98.36.
Read Our Latest Report on State Street
State Street Stock Up 2.9 %
State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. State Street’s revenue was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.93 EPS. Research analysts forecast that State Street will post 8.42 EPS for the current fiscal year.
State Street Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $3.04 annualized dividend and a yield of 3.10%. State Street’s payout ratio is 48.03%.
Insider Activity
In other State Street news, EVP John Plansky sold 13,859 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the transaction, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,460 shares of company stock valued at $2,499,860. 0.31% of the stock is currently owned by insiders.
Hedge Funds Weigh In On State Street
Institutional investors and hedge funds have recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC acquired a new stake in State Street in the 2nd quarter valued at $27,000. Coastline Trust Co acquired a new position in shares of State Street during the third quarter valued at about $44,000. Capital Performance Advisors LLP acquired a new position in shares of State Street during the third quarter valued at about $54,000. Family Firm Inc. acquired a new stake in shares of State Street in the 2nd quarter worth about $61,000. Finally, LRI Investments LLC lifted its position in State Street by 202.7% in the 2nd quarter. LRI Investments LLC now owns 993 shares of the asset manager’s stock valued at $73,000 after acquiring an additional 665 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
Further Reading
- Five stocks we like better than State Street
- 3 Monster Growth Stocks to Buy Now
- XPO Stock Gains Momentum as U.S. Trade Outlook Evolves
- Utilities Stocks Explained – How and Why to Invest in Utilities
- CarMax Gets in Gear: Is Now the Time to Buy?
- Stock Average Calculator
- Qubit Combat: 2 Stocks Battle for Quantum Supremacy
Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.