State Street Corp (NYSE:STT) Receives Consensus Rating of “Hold” from Analysts

State Street Corp (NYSE:STT) has earned a consensus recommendation of “Hold” from the nineteen ratings firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, eight have given a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $73.00.

A number of analysts have issued reports on STT shares. ValuEngine downgraded State Street from a “hold” rating to a “sell” rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods cut shares of State Street from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 1st. Morgan Stanley boosted their target price on shares of State Street from $65.00 to $67.00 and gave the company an “underweight” rating in a report on Thursday. Royal Bank of Canada restated a “hold” rating and set a $70.00 price target on shares of State Street in a report on Sunday, April 19th. Finally, JPMorgan Chase & Co. reduced their price target on shares of State Street from $65.00 to $63.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 6th.

STT stock traded down $3.63 during mid-day trading on Friday, reaching $60.53. The company’s stock had a trading volume of 4,589,434 shares, compared to its average volume of 2,619,397. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.73. The company’s 50 day moving average is $61.71 and its two-hundred day moving average is $67.12. State Street has a fifty-two week low of $42.10 and a fifty-two week high of $85.89. The stock has a market cap of $22.58 billion, a PE ratio of 9.71, a P/E/G ratio of 1.17 and a beta of 1.52.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.27. State Street had a return on equity of 12.36% and a net margin of 19.13%. The business had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period in the prior year, the business earned $1.24 earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year. On average, analysts forecast that State Street will post 6.05 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 16th. Investors of record on Wednesday, July 1st will be issued a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.08 annualized dividend and a dividend yield of 3.44%. State Street’s dividend payout ratio is presently 33.71%.

In related news, CAO Ian Appleyard sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $64.61, for a total transaction of $323,050.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,859 shares in the company, valued at approximately $1,089,259.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.28% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its position in State Street by 7.3% in the 4th quarter. Victory Capital Management Inc. now owns 376,575 shares of the asset manager’s stock valued at $29,787,000 after purchasing an additional 25,768 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in State Street by 28.3% in the fourth quarter. Oppenheimer & Co. Inc. now owns 5,613 shares of the asset manager’s stock worth $444,000 after acquiring an additional 1,239 shares during the last quarter. Independent Advisor Alliance purchased a new position in State Street in the fourth quarter worth approximately $324,000. Citizens Financial Group Inc RI acquired a new position in State Street during the 4th quarter worth approximately $87,000. Finally, Banco Santander S.A. purchased a new stake in shares of State Street in the 4th quarter valued at approximately $430,000. Institutional investors own 89.61% 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. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Analyst Recommendations for State Street (NYSE:STT)

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