State Street (NYSE:STT) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of State Street (NYSE:STT) in a research report released on Monday, Benzinga reports. Royal Bank of Canada currently has a $85.00 price target on the asset manager’s stock.

Several other analysts have also recently weighed in on the stock. Evercore ISI boosted their price objective 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. Argus increased their price target 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 reaffirmed an equal weight rating and issued a $90.00 price objective on shares of State Street in a research note on Wednesday, June 12th. Keefe, Bruyette & Woods lowered their price target on shares of State Street from $88.00 to $84.00 and set a market perform rating for the company in a report on Thursday, June 27th. Finally, UBS Group boosted their price target on shares of State Street from $80.00 to $82.00 and gave the stock a neutral rating in a research report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, State Street presently has a consensus rating of Hold and an average price target of $83.88.

State Street Price Performance

State Street stock opened at $74.14 on Monday. The company has a market capitalization of $22.34 billion, a PE ratio of 13.88, a P/E/G ratio of 1.28 and a beta of 1.48. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.90. The stock has a 50-day moving average price of $74.28 and a two-hundred day moving average price of $74.59. State Street has a 12 month low of $62.78 and a 12 month high of $79.90.

State Street (NYSE:STT) last posted its earnings results on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, topping the consensus estimate of $1.48 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The business had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.06 billion. Analysts expect that State Street will post 7.95 EPS for the current year.

State Street Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in STT. AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of State Street during the fourth quarter valued at approximately $45,687,000. Crestwood Advisors Group LLC increased 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 purchasing an additional 8,202 shares in the last quarter. Ferguson Wellman Capital Management Inc. raised its holdings in State Street by 3.7% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock worth $37,522,000 after buying an additional 17,270 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its stake in shares of State Street by 298.6% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after buying an additional 28,382 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings 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 buying an additional 12,594 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

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.