State Street (NYSE:STT) Price Target Raised to $187.00

State Street (NYSE:STT) had its target price increased by JPMorgan Chase & Co. from $176.50 to $187.00 in a report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the asset manager’s stock.

Several other analysts have also recently issued reports on STT. Royal Bank Of Canada upped their price objective on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. Truist Financial reissued a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Finally, Barclays increased their price target on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Stock Down 1.2%

NYSE STT opened at $184.82 on Tuesday. State Street has a one year low of $104.64 and a one year high of $192.51. The company has a market cap of $50.77 billion, a P/E ratio of 16.30, a P/E/G ratio of 0.77 and a beta of 1.41. The business has a fifty day moving average price of $174.22 and a 200 day moving average price of $149.29. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.04 earnings per share. Research analysts anticipate that State Street will post 13.7 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is presently 29.63%.

Insider Buying and Selling at State Street

In other news, EVP W. Bradford Hu sold 9,758 shares of the 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 completion of the sale, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 49,576 shares of company stock worth $8,415,875 in the last ninety days. 0.27% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STT. Simplicity Wealth LLC acquired a new position in shares of State Street in the 2nd quarter valued at $260,000. Wealth Effects LLC purchased a new position in shares of State Street during the 2nd quarter worth $806,000. Chase Investment Counsel Corp acquired a new stake in shares of State Street during the 2nd quarter worth about $7,720,000. HBK Sorce Advisory LLC acquired a new stake in shares of State Street during the 2nd quarter worth about $1,742,000. Finally, Abbot Financial Management Inc. purchased a new stake in State Street in the 2nd quarter valued at about $1,732,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.