State Street (NYSE:STT) Given New $176.50 Price Target at JPMorgan Chase & Co.

State Street (NYSE:STT) had its price objective upped by JPMorgan Chase & Co. from $158.50 to $176.50 in a report published on Monday morning,Benzinga reports. They currently have a neutral rating on the asset manager’s stock.

Several other analysts have also recently weighed in on STT. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Barclays set a $165.00 target price on State Street in a report on Monday, April 20th. Seaport Research Partners restated a “buy” rating and issued a $170.00 target price on shares of State Street in a research note on Monday, April 20th. Wells Fargo & Company increased their price objective on State Street from $171.00 to $196.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Finally, UBS Group set a $176.00 target price on shares of State Street in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average target price of $172.66.

State Street Trading Up 1.1%

Shares of State Street stock traded up $1.92 during trading on Monday, reaching $177.88. The company’s stock had a trading volume of 102,381 shares, compared to its average volume of 2,175,573. State Street has a 52-week low of $101.98 and a 52-week high of $176.86. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm’s 50-day moving average is $159.83 and its two-hundred day moving average is $140.59. The company has a market cap of $49.23 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 0.92 and a beta of 1.42.

State Street (NYSE:STT) last announced 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 firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business’s revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.04 earnings per share. On average, sell-side analysts anticipate that State Street will post 12.53 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is currently 34.08%.

Insider Transactions at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. This represents a 5.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Regents of The University of California raised its holdings in State Street by 211.2% during the fourth 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 purchasing an additional 5,908,370 shares in the last quarter. Norges Bank acquired a new position in State Street in the 4th quarter valued at $303,483,000. Pinebridge Investments LLC purchased a new stake in State Street in the 4th quarter valued at approximately $178,705,000. Victory Capital Management Inc. increased its position in 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 during the period. Finally, Two Sigma Investments LP raised its stake 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 buying an additional 880,507 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Key State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: Bank of America raised its price target on State Street Corporation (STT) to $190 from $160, implying meaningful upside from recent levels while maintaining a neutral rating. Benzinga article
• Positive Sentiment: JPMorgan Chase & Co. also increased its target to $176.50 from $158.50, signaling a modest valuation boost and reinforcing the view that the stock has room to run. Benzinga article
• Neutral Sentiment: State Street Group reported it ceased to be a substantial holder in several non-U.S. companies, including Atlas Arteria, Elsight, Viva Energy, and 4DMedical. These filings appear routine and are unlikely to materially affect STT’s core earnings outlook. Atlas Arteria filing
• Neutral Sentiment: Coverage comparing Fidelity Health Care vs. State Street’s biotech ETF highlighted State Street’s SPDR S&P Biotech ETF as having higher historical volatility and deeper drawdowns than a competing fund. This is more of a product comparison than a direct catalyst for STT shares. ETF comparison article

About State Street

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.