Analysts Set State Street Corp (STT) PT at $80.73
Shares of State Street Corp (NYSE:STT) have been given a consensus recommendation of “Hold” by the nineteen analysts that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $80.98.
A number of brokerages have commented on STT. ValuEngine cut State Street from a “sell” rating to a “strong sell” rating in a report on Friday, March 1st. Keefe, Bruyette & Woods cut State Street from a “market perform” rating to an “underperform” rating and lowered their target price for the company from $72.00 to $70.00 in a report on Sunday, February 24th. Credit Suisse Group lowered their target price on State Street from $80.00 to $75.00 and set a “neutral” rating on the stock in a report on Tuesday, January 22nd. Goldman Sachs Group cut State Street from a “buy” rating to a “neutral” rating and set a $71.30 target price on the stock. in a report on Tuesday, January 22nd. Finally, Wells Fargo & Co cut State Street from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 22nd.
Shares of NYSE:STT opened at $66.16 on Monday. The firm has a market cap of $25.21 billion, a price-to-earnings ratio of 9.16, a P/E/G ratio of 1.15 and a beta of 1.38. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.53 and a current ratio of 0.45. State Street has a one year low of $57.87 and a one year high of $103.15.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend was Friday, March 29th. State Street’s dividend payout ratio is presently 26.04%.
In other State Street news, CEO Hanley Ronald P. O sold 27,500 shares of the stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $71.82, for a total transaction of $1,975,050.00. Following the transaction, the chief executive officer now owns 60,479 shares of the company’s stock, valued at approximately $4,343,601.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph L. Hooley sold 25,000 shares of the stock in a transaction on Friday, February 15th. The stock was sold at an average price of $70.63, for a total value of $1,765,750.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,389 shares of company stock worth $5,300,338. Corporate insiders own 0.40% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of STT. Pearl River Capital LLC purchased a new position in shares of State Street in the 4th quarter worth $25,000. Certified Advisory Corp raised its position in shares of State Street by 125.0% in the 4th quarter. Certified Advisory Corp now owns 450 shares of the asset manager’s stock worth $28,000 after buying an additional 250 shares during the period. Moody National Bank Trust Division raised its position in shares of State Street by 199.4% in the 4th quarter. Moody National Bank Trust Division now owns 470 shares of the asset manager’s stock worth $30,000 after buying an additional 313 shares during the period. Strategic Wealth Partners Ltd. raised its position in shares of State Street by 1,038.7% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock worth $30,000 after buying an additional 322 shares during the period. Finally, Magellan Asset Management Ltd raised its position in shares of State Street by 80.1% in the 4th quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock worth $33,000 after buying an additional 234 shares during the period. 88.35% of the stock is currently owned by institutional investors and hedge funds.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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