Brokerages Set State Street Corporation (NYSE:STT) Target Price at $164.16

Shares of State Street Corporation (NYSE:STT) have been assigned an average recommendation of “Moderate Buy” from the fifteen analysts that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $166.8438.

STT has been the subject of several research reports. Argus raised their price objective on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a research note on Monday, April 6th. Royal Bank Of Canada lifted their price target on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a report on Monday, April 20th. Finally, The Goldman Sachs Group boosted their price target on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday.

State Street Trading Down 0.1%

STT stock opened at $170.57 on Monday. State Street has a one year low of $101.98 and a one year high of $175.46. The stock has a market cap of $47.21 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 0.92 and a beta of 1.42. The company has a fifty day moving average price of $159.83 and a two-hundred day moving average price of $140.51. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.04 earnings per share. Equities analysts anticipate that State Street will post 12.53 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio (DPR) is currently 34.08%.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP W. Bradford Hu sold 9,212 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the sale, the executive vice president directly owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This represents a 13.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 37,876 shares of company stock worth $5,866,583. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On State Street

Institutional investors have recently made changes to their positions in the stock. Regents of The University of California increased its stake in State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after acquiring an additional 5,908,370 shares during the period. Norges Bank bought a new stake in shares of State Street during the 4th quarter valued at $303,483,000. Pinebridge Investments LLC bought a new stake in shares of State Street during the 4th quarter valued at $178,705,000. Victory Capital Management Inc. grew its holdings in shares of State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after purchasing an additional 1,074,174 shares in the last quarter. Finally, Two Sigma Investments LP grew its holdings in shares of State Street by 261.0% during the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after purchasing an additional 880,507 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.