State Street (NYSE:STT) Price Target Cut to $200.00 by Analysts at BMO Capital Markets

State Street (NYSE:STT) had its price target cut by BMO Capital Markets from $212.00 to $200.00 in a report released on Tuesday,Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

Other analysts also recently issued reports about the company. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 18th. Barclays upped their price target on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Evercore set a $200.00 price target on State Street in a report on Monday, July 20th. Citigroup raised their price objective on State Street from $210.00 to $212.00 and gave the company a “buy” rating in a research note on Monday. Finally, Keefe, Bruyette & Woods boosted their price objective on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $190.44.

State Street Stock Down 0.4%

Shares of NYSE STT opened at $175.67 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm has a market cap of $48.26 billion, a PE ratio of 15.49, a P/E/G ratio of 0.83 and a beta of 1.41. The company’s fifty day simple moving average is $186.13 and its 200 day simple moving average is $167.20. State Street has a 12-month low of $104.64 and a 12-month high of $195.93.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $2.04 earnings per share. The business’s revenue was up 23.3% compared to the same quarter last year. As a group, sell-side analysts forecast that State Street will post 13.81 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 2.1%. State Street’s payout ratio is presently 32.45%.

Insider Transactions at State Street

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Western Wealth Management LLC lifted its holdings in State Street by 3.1% during the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after acquiring an additional 60 shares during the period. CX Institutional grew its stake in State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after purchasing an additional 98 shares during the period. Greenleaf Trust grew its stake in State Street by 0.6% in the 2nd quarter. Greenleaf Trust now owns 17,295 shares of the asset manager’s stock valued at $2,933,000 after purchasing an additional 99 shares during the period. Oregon Public Employees Retirement Fund increased its position in shares of State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after purchasing an additional 100 shares during the last quarter. Finally, Bridgewater Advisors Inc. increased its position in shares of State Street by 5.5% during the 1st quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager’s stock valued at $246,000 after purchasing an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About State Street

State Street Corporation (NYSE: STT) is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.