State Street Corp (NYSE:STT) has received a consensus rating of “Buy” from the sixteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $110.21.
Several analysts have recently issued reports on the company. Zacks Investment Research downgraded State Street from a “buy” rating to a “hold” rating and set a $109.00 price objective on the stock. in a research report on Friday, January 5th. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Wednesday, January 10th. Morgan Stanley upped their price objective on State Street from $105.00 to $114.00 and gave the company an “equal weight” rating in a research report on Thursday, January 25th. Barclays upped their price objective on State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $114.00 price objective on shares of State Street in a research report on Friday, December 22nd.
Shares of STT stock traded down $1.83 during trading hours on Friday, hitting $99.67. The stock had a trading volume of 465,925 shares, compared to its average volume of 1,847,286. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.49 and a quick ratio of 0.49. State Street has a twelve month low of $75.37 and a twelve month high of $114.27. The stock has a market capitalization of $39,269.04, a P/E ratio of 19.41, a P/E/G ratio of 1.39 and a beta of 1.29.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Monday, April 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.68 annualized dividend and a yield of 1.69%. State Street’s dividend payout ratio (DPR) is presently 32.12%.
In related news, CAO Elizabeth Schaefer sold 1,473 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $105.00, for a total transaction of $154,665.00. Following the transaction, the chief accounting officer now directly owns 9,362 shares in the company, valued at $983,010. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $108.17, for a total value of $1,108,526.16. The disclosure for this sale can be found here. Insiders have sold 49,531 shares of company stock worth $5,146,169 over the last quarter. 0.71% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STT. Nationwide Fund Advisors increased its stake in State Street by 38.8% during the third quarter. Nationwide Fund Advisors now owns 311,211 shares of the asset manager’s stock worth $29,733,000 after acquiring an additional 86,945 shares during the last quarter. Victory Capital Management Inc. increased its stake in State Street by 24.8% during the third quarter. Victory Capital Management Inc. now owns 27,891 shares of the asset manager’s stock worth $2,665,000 after acquiring an additional 5,537 shares during the last quarter. Chicago Equity Partners LLC acquired a new stake in State Street during the third quarter worth about $334,000. Jennison Associates LLC acquired a new stake in State Street during the third quarter worth about $584,000. Finally, DekaBank Deutsche Girozentrale increased its stake in State Street by 7.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 56,035 shares of the asset manager’s stock worth $5,369,000 after acquiring an additional 3,834 shares during the last quarter. Hedge funds and other institutional investors own 88.38% of the company’s stock.
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About State Street
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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