Royal Bank of Canada Reaffirms Sector Perform Rating for State Street (NYSE:STT)

Royal Bank of Canada reissued their sector perform rating on shares of State Street (NYSE:STT) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $85.00 price objective on the asset manager’s stock.

STT has been the topic of several other reports. Keefe, Bruyette & Woods decreased their price target on shares of State Street from $88.00 to $84.00 and set a market perform rating on the stock in a research note on Thursday, June 27th. Evercore ISI raised their price target on shares of State Street from $85.00 to $88.00 and gave the stock an outperform rating in a research note on Thursday, April 4th. UBS Group raised their price target on shares of State Street from $80.00 to $82.00 and gave the stock a neutral rating in a research note on Friday, April 12th. Argus increased their price objective on shares of State Street from $84.00 to $86.00 and gave the stock a buy rating in a report on Monday, April 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $83.88.

State Street Stock Performance

Shares of State Street stock opened at $73.56 on Monday. The firm’s fifty day simple moving average is $74.31 and its 200-day simple moving average is $74.66. The stock has a market capitalization of $22.16 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.29 and a beta of 1.47. State Street has a 12 month low of $62.78 and a 12 month high of $79.90. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.61.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. The company had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.06 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. As a group, equities analysts forecast that State Street will post 7.94 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Monday, July 1st will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.75%. The ex-dividend date is Monday, July 1st. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Institutional Investors Weigh In On State Street

Several hedge funds and other institutional investors have recently bought and sold shares of the business. LPL Financial LLC increased its stake in State Street by 6.5% in the 3rd quarter. LPL Financial LLC now owns 96,148 shares of the asset manager’s stock worth $6,438,000 after purchasing an additional 5,864 shares in the last quarter. Lido Advisors LLC grew its stake in State Street by 1.6% during the 3rd quarter. Lido Advisors LLC now owns 11,298 shares of the asset manager’s stock valued at $756,000 after acquiring an additional 178 shares in the last quarter. Seven Eight Capital LP grew its stake in State Street by 313.3% during the 3rd quarter. Seven Eight Capital LP now owns 87,933 shares of the asset manager’s stock valued at $5,888,000 after acquiring an additional 66,656 shares in the last quarter. Crestwood Advisors Group LLC grew its stake in State Street by 11.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock valued at $5,562,000 after acquiring an additional 8,202 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in State Street by 4.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,491,059 shares of the asset manager’s stock valued at $99,841,000 after acquiring an additional 63,378 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

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.