State Street’s (STT) Outperform Rating Reaffirmed at Evercore ISI

Evercore ISI restated their outperform rating on shares of State Street (NYSE:STT) in a research note published on Wednesday, Benzinga reports. Evercore ISI currently has a $88.00 price objective on the asset manager’s stock.

A number of other research analysts have also commented on the company. Argus upped their target price on State Street from $84.00 to $86.00 and gave the company a buy rating in a research note on Monday, April 15th. Morgan Stanley restated an equal weight rating and issued a $90.00 price objective on shares of State Street in a research note on Wednesday, June 12th. Royal Bank of Canada reiterated a sector perform rating and set a $85.00 target price on shares of State Street in a research report on Monday. JPMorgan Chase & Co. increased their price target on shares of State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Finally, Keefe, Bruyette & Woods decreased their price objective on State Street from $88.00 to $84.00 and set a market perform rating on the stock in a report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, State Street currently has an average rating of Hold and a consensus target price of $83.88.

State Street Stock Performance

NYSE STT opened at $74.14 on Wednesday. The company’s fifty day moving average is $74.29 and its two-hundred day moving average is $74.60. State Street has a 52-week low of $62.78 and a 52-week 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. The firm has a market capitalization of $22.34 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 1.29 and a beta of 1.49.

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

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend is Monday, July 1st. State Street’s payout ratio is presently 51.69%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in STT. AEGON ASSET MANAGEMENT UK Plc bought a new position in shares of State Street in the fourth quarter worth about $45,687,000. Crestwood Advisors Group LLC boosted its position in State Street by 11.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock valued at $5,562,000 after buying an additional 8,202 shares during the last quarter. Ferguson Wellman Capital Management Inc. increased its stake in shares of State Street by 3.7% in the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock valued at $37,522,000 after buying an additional 17,270 shares during the period. Public Employees Retirement Association of Colorado raised its position in shares of State Street by 298.6% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock worth $2,935,000 after acquiring an additional 28,382 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of State Street by 4.9% during the fourth quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock valued at $20,941,000 after acquiring an additional 12,594 shares during the period. 87.44% of the stock is 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.