Brokerages Set State Street Corporation (NYSE:STT) Price Target at $185.38

Shares of State Street Corporation (NYSE:STT) have been assigned a consensus rating of “Moderate Buy” from the sixteen research firms that are currently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $185.3750.

Several research firms have recently commented on STT. JPMorgan Chase & Co. raised their price objective on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Wells Fargo & Company upped their price objective on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Evercore set a $200.00 price objective on State Street in a research note on Monday, July 20th. Bank of America lifted their target price on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Finally, UBS Group set a $176.00 target price on State Street in a research note on Friday, June 26th.

State Street Trading Down 2.6%

Shares of STT stock opened at $188.32 on Friday. State Street has a 1-year low of $104.64 and a 1-year high of $195.93. The firm has a market cap of $51.73 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 0.92 and a beta of 1.41. The company has a 50-day moving average of $187.03 and a two-hundred day moving average of $161.01. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business’s revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 EPS. On average, analysts predict that State Street will post 13.76 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a dividend of $0.92 per share. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s payout ratio is currently 32.45%.

Insider Activity at State Street

In related news, EVP W. Hu sold 9,758 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This represents a 5.70% 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. 0.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Philadelphia Investment Partners LLC purchased a new stake in State Street in the second quarter valued at about $26,000. Bell Investment Advisors Inc acquired a new stake in shares of State Street in the second quarter worth $28,000. Elevation Wealth Partners LLC raised its stake in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after buying an additional 106 shares during the last quarter. Continuum Advisory LLC acquired a new position in State Street in the second quarter valued at approximately $30,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in State Street during the second quarter valued at $33,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Company Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.