State Street Corporation (NYSE:STT) Receives $135.83 Consensus PT from Brokerages

State Street Corporation (NYSE:STT) has earned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $135.8333.

Several analysts recently weighed in on STT shares. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Truist Financial set a $136.00 price target on State Street in a report on Tuesday, January 20th. Finally, Citigroup started coverage on State Street in a research report on Monday, February 23rd. They issued a “buy” rating and a $150.00 price target for the company.

Insider Transactions at State Street

In other news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the transaction, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On State Street

A number of hedge funds have recently added to or reduced their stakes in STT. True Wealth Design LLC boosted its stake in State Street by 166.3% during the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares during the last quarter. Wilkerson Advisory Group LLC purchased a new position in shares of State Street in the fourth quarter worth $29,000. JPL Wealth Management LLC bought a new position in shares of State Street during the third quarter valued at $29,000. Phillip James Consulting Co. bought a new position in shares of State Street during the fourth quarter valued at $30,000. Finally, Flagship Wealth Advisors LLC purchased a new stake in shares of State Street during the third quarter valued at $35,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of STT opened at $123.04 on Friday. The stock has a market cap of $34.30 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.07 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. State Street has a fifty-two week low of $72.81 and a fifty-two week high of $137.05. The firm’s 50-day simple moving average is $127.53 and its two-hundred day simple moving average is $122.40.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter last year, the firm earned $2.60 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. Analysts anticipate that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is currently 35.71%.

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.