State Street (STT) Upgraded by Citigroup to “Buy”
Citigroup upgraded shares of State Street (NYSE:STT) from a neutral rating to a buy rating in a research note released on Wednesday, Marketbeat reports. Citigroup currently has $102.00 target price on the asset manager’s stock.
A number of other equities research analysts have also issued reports on STT. Vining Sparks reissued a buy rating and set a $120.00 price target on shares of State Street in a research note on Monday, January 8th. Jefferies Group reissued a hold rating and set a $107.00 price target on shares of State Street in a research note on Tuesday, January 9th. Zacks Investment Research lowered State Street from a buy rating to a hold rating and set a $109.00 target price for the company. in a research report on Friday, January 5th. Barclays lifted their target price 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 reaffirmed a buy rating and set a $114.00 target price on shares of State Street in a research report on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $101.13.
Shares of State Street (NYSE:STT) traded up $1.49 during mid-day trading on Wednesday, hitting $107.24. The company had a trading volume of 1,480,000 shares, compared to its average volume of 1,580,000. State Street has a 52-week low of $74.45 and a 52-week high of $107.57. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. The company has a market cap of $39,770.00, a price-to-earnings ratio of 18.55, a P/E/G ratio of 1.40 and a beta of 1.35.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd will be issued a $0.42 dividend. The ex-dividend date is Friday, December 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.57%. State Street’s dividend payout ratio is presently 29.07%.
In other news, Chairman Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total value of $2,315,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Hannah M. Grove sold 3,200 shares of State Street stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total value of $296,448.00. The disclosure for this sale can be found here. Insiders sold a total of 28,724 shares of company stock worth $2,659,741 over the last quarter. Company insiders own 0.71% of the company’s stock.
Large investors have recently made changes to their positions in the company. Zions Bancorporation increased its holdings in shares of State Street by 318.0% in the 3rd quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after acquiring an additional 795 shares during the period. Sabal Trust CO purchased a new position in State Street during the 3rd quarter worth $201,000. Tiemann Investment Advisors LLC purchased a new position in State Street during the 3rd quarter worth $204,000. Trustmark National Bank Trust Department purchased a new position in State Street during the 3rd quarter worth $204,000. Finally, Janney Capital Management LLC purchased a new position in State Street during the 3rd quarter worth $209,000. Institutional investors and hedge funds own 88.13% 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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