State Street (NYSE:STT) Research Coverage Started at BMO Capital Markets

BMO Capital Markets started coverage on shares of State Street (NYSE:STT) in a research report report published on Friday, Marketbeat.com reports. The brokerage issued an outperform rating and a $130.00 price objective on the asset manager’s stock.

STT has been the topic of a number of other research reports. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Truist Financial lifted their price target on shares of State Street from $125.00 to $133.00 and gave the stock a “buy” rating in a research note on Thursday. Bank of America upped their price objective on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. Wells Fargo & Company boosted their price target on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Finally, TD Cowen began coverage on State Street in a research report on Thursday, September 25th. They issued a “buy” rating for the company. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $122.67.

State Street Stock Performance

STT stock opened at $116.35 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street has a 1 year low of $72.81 and a 1 year high of $118.06. The company has a market cap of $33.01 billion, a P/E ratio of 13.03, a price-to-earnings-growth ratio of 1.13 and a beta of 1.46. The stock’s fifty day moving average price is $112.83 and its 200-day moving average price is $101.53.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.15 earnings per share. On average, equities analysts forecast that State Street will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. This is a positive change from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street’s dividend payout ratio is currently 37.63%.

Insider Activity

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On State Street

Several institutional investors and hedge funds have recently modified their holdings of the stock. Brighton Jones LLC purchased a new position in State Street during the fourth quarter valued at $296,000. Merit Financial Group LLC boosted its holdings in shares of State Street by 45.3% during the 1st quarter. Merit Financial Group LLC now owns 5,846 shares of the asset manager’s stock valued at $523,000 after purchasing an additional 1,822 shares during the last quarter. Vest Financial LLC purchased a new position in shares of State Street during the first quarter valued at about $8,715,000. Godsey & Gibb Inc. increased its holdings in shares of State Street by 4.2% in the first quarter. Godsey & Gibb Inc. now owns 212,072 shares of the asset manager’s stock worth $18,987,000 after purchasing an additional 8,592 shares during the last quarter. Finally, Wedmont Private Capital lifted its position in shares of State Street by 4.2% in the first quarter. Wedmont Private Capital now owns 6,410 shares of the asset manager’s stock worth $574,000 after buying an additional 258 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

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.