State Street Co. (NYSE:STT) Receives $88.89 Consensus PT from Analysts

Shares of State Street Co. (NYSE:STT) have been assigned an average recommendation of “Hold” from the thirteen brokerages that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $88.89.

Several equities analysts have issued reports on STT shares. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a research note on Thursday, August 15th. Bank of America increased their price target on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Barclays raised their price objective on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Morgan Stanley boosted their target price on State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group raised their price target on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th.

Institutional Trading of State Street

Several large investors have recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. lifted its position in shares of State Street by 5.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after acquiring an additional 129 shares in the last quarter. Symmetry Partners LLC grew its holdings in shares of State Street by 3.5% during the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after buying an additional 130 shares in the last quarter. HB Wealth Management LLC grew its holdings in shares of State Street by 3.4% during the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after buying an additional 140 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in shares of State Street by 9.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after buying an additional 148 shares during the last quarter. Finally, Tompkins Financial Corp lifted its stake in shares of State Street by 28.3% during the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after buying an additional 150 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

Shares of STT opened at $89.28 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. State Street has a fifty-two week low of $62.78 and a fifty-two week high of $89.42. The firm has a 50-day simple moving average of $82.99 and a 200-day simple moving average of $77.38. The company has a market capitalization of $26.66 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period last year, the firm earned $2.17 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities research analysts anticipate that State Street will post 8.15 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is 51.69%.

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.