State Street Corp (NYSE:STT) Receives $69.02 Consensus PT from Analysts

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State Street Corp (NYSE:STT) has been assigned a consensus rating of “Hold” from the sixteen research firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $69.02.

Several equities analysts have recently commented on the stock. Wells Fargo & Co set a $55.00 target price on shares of State Street and gave the company a “hold” rating in a research report on Friday, August 16th. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $68.00 target price (up from $60.00) on shares of State Street in a research report on Monday, October 21st. ValuEngine upgraded shares of State Street from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Deutsche Bank upgraded shares of State Street from a “hold” rating to a “buy” rating and boosted their target price for the company from $64.00 to $81.00 in a research report on Wednesday, November 6th. Finally, Bank of America boosted their target price on shares of State Street from $64.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, October 21st.

In related news, EVP Jeffrey N. Carp sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total transaction of $1,293,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey N. Carp sold 7,124 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $73.10, for a total transaction of $520,764.40. Over the last quarter, insiders have sold 75,133 shares of company stock valued at $4,749,856. 0.40% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in STT. Woodstock Corp increased its position in State Street by 0.7% during the 2nd quarter. Woodstock Corp now owns 98,902 shares of the asset manager’s stock worth $5,544,000 after purchasing an additional 675 shares in the last quarter. Metropolis Capital Ltd increased its position in State Street by 13.9% during the 2nd quarter. Metropolis Capital Ltd now owns 946,568 shares of the asset manager’s stock worth $53,065,000 after purchasing an additional 115,593 shares in the last quarter. Rockland Trust Co. increased its position in State Street by 5.8% during the 2nd quarter. Rockland Trust Co. now owns 9,553 shares of the asset manager’s stock worth $536,000 after purchasing an additional 525 shares in the last quarter. Sanders Morris Harris LLC acquired a new position in State Street in the 2nd quarter valued at approximately $1,721,000. Finally, Wiley BROS. Aintree Capital LLC acquired a new position in State Street in the 2nd quarter valued at approximately $280,000. Institutional investors and hedge funds own 92.22% of the company’s stock.

NYSE STT traded down $0.11 during trading on Friday, reaching $72.99. The company’s stock had a trading volume of 2,177,416 shares, compared to its average volume of 2,814,894. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $25.55 billion, a price-to-earnings ratio of 10.11, a price-to-earnings-growth ratio of 1.14 and a beta of 1.52. State Street has a 12 month low of $48.62 and a 12 month high of $77.00. The firm has a 50 day moving average price of $62.71 and a 200 day moving average price of $58.56.

State Street (NYSE:STT) last issued its earnings results on Friday, October 18th. The asset manager reported $1.51 EPS for the quarter, beating the consensus estimate of $1.40 by $0.11. The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a net margin of 16.18% and a return on equity of 11.34%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.87 EPS. On average, equities analysts forecast that State Street will post 5.8 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.85%. This is a boost from State Street’s previous quarterly dividend of $0.47. The ex-dividend date was Monday, September 30th. State Street’s dividend payout ratio is currently 28.81%.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Analyst Recommendations for State Street (NYSE:STT)

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