State Street (NYSE:STT) Upgraded to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of State Street (NYSE:STT) from an underweight rating to a neutral rating in a research report released on Friday morning, MarketBeat reports. The brokerage currently has $95.00 target price on the asset manager’s stock.

STT has been the topic of several other research reports. Morgan Stanley upgraded State Street from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $102.00 to $139.00 in a research note on Monday, December 9th. Barclays raised their price target on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a research report on Thursday. The Goldman Sachs Group raised their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Wells Fargo & Company raised their price objective on State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus target price of $98.36.

State Street Stock Up 2.9 %

NYSE STT opened at $98.20 on Friday. The company has a 50 day moving average of $95.56 and a 200-day moving average of $86.05. State Street has a 1-year low of $70.20 and a 1-year high of $101.91. 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 company has a market cap of $28.79 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 1.24 and a beta of 1.44.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. State Street’s revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.93 earnings per share. On average, equities research analysts expect that State Street will post 8.42 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.76 per share. The ex-dividend date is Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.10%. State Street’s dividend payout ratio (DPR) is presently 48.03%.

Insider Activity at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were 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. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Plansky sold 13,859 shares of the business’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 directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,460 shares of company stock valued at $2,499,860 in the last three months. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of STT. Principal Financial Group Inc. lifted its position in shares of State Street by 1.2% during the third quarter. Principal Financial Group Inc. now owns 346,252 shares of the asset manager’s stock valued at $30,633,000 after purchasing an additional 4,052 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of State Street in the 3rd quarter worth approximately $209,000. Inspire Trust Co. N.A. grew its holdings in shares of State Street by 5.9% in the third quarter. Inspire Trust Co. N.A. now owns 35,776 shares of the asset manager’s stock valued at $3,165,000 after acquiring an additional 2,000 shares in the last quarter. Franklin Resources Inc. increased its position in shares of State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after acquiring an additional 408,792 shares during the last quarter. Finally, Peapack Gladstone Financial Corp lifted its holdings in State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after acquiring an additional 103 shares during the period. Hedge funds and other institutional investors own 87.44% 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. 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.