State Street Co. (NYSE:STT) Receives $98.36 Consensus Price Target from Analysts

Shares of State Street Co. (NYSE:STT) have been given a consensus recommendation of “Hold” by the fourteen research firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $98.36.

STT has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price target on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Barclays raised their price target on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research report on Friday.

State Street Stock Down 1.0 %

Shares of NYSE STT opened at $98.58 on Thursday. State Street has a 12-month low of $70.20 and a 12-month high of $101.91. The stock has a market cap of $28.90 billion, a P/E ratio of 15.57, a PEG ratio of 1.24 and a beta of 1.44. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. The business’s fifty day simple moving average is $96.26 and its 200-day simple moving average is $87.01.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter last year, the company earned $1.93 EPS. State Street’s revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, equities analysts predict that State Street will post 8.42 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Thursday, January 2nd. State Street’s dividend payout ratio is currently 48.03%.

Insider Transactions at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This trade represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,460 shares of company stock worth $2,499,860. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Several institutional investors have recently bought and sold shares of STT. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after buying an additional 1,354,560 shares during the period. LSV Asset Management lifted its holdings in State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after acquiring an additional 1,238,251 shares during the period. FMR LLC boosted its position in shares of State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of State Street by 818.1% during the 3rd quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock worth $45,889,000 after purchasing an additional 462,201 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in shares of State Street by 99.4% during the 3rd quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after purchasing an additional 442,725 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

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.