State Street (NYSE:STT) had its price target increased by Royal Bank of Canada from $78.00 to $86.00 in a research note released on Wednesday morning, The Fly reports. Royal Bank of Canada currently has a sector perform rating on the asset manager’s stock.
Several other brokerages also recently issued reports on STT. Keefe, Bruyette & Woods upgraded shares of State Street from a market perform rating to an outperform rating and upped their price target for the stock from $74.00 to $84.00 in a report on Wednesday, November 18th. Barclays upped their target price on State Street from $85.00 to $99.00 and gave the stock an overweight rating in a report on Monday, January 4th. Zacks Investment Research lowered State Street from a buy rating to a hold rating and set a $82.00 price target on the stock. in a research note on Monday. Credit Suisse Group upped their price objective on State Street from $68.00 to $78.00 and gave the company a neutral rating in a research note on Friday, December 11th. Finally, Morgan Stanley lifted their target price on shares of State Street from $99.00 to $101.00 and gave the stock an overweight rating in a research report on Wednesday, December 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $79.81.
Shares of STT stock opened at $76.64 on Wednesday. The business has a fifty day simple moving average of $74.21 and a 200 day simple moving average of $67.49. The company has a market cap of $27.04 billion, a P/E ratio of 11.51, a P/E/G ratio of 1.11 and a beta of 1.60. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.60. State Street has a twelve month low of $42.10 and a twelve month high of $82.69.
State Street (NYSE:STT) last posted its earnings results on Monday, January 18th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.13. The firm had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.82 billion. State Street had a net margin of 20.75% and a return on equity of 12.24%. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.98 earnings per share. As a group, equities research analysts anticipate that State Street will post 6.58 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 19th. Stockholders of record on Monday, January 4th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Thursday, December 31st. State Street’s dividend payout ratio (DPR) is 33.71%.
Institutional investors have recently added to or reduced their stakes in the stock. Mercer Global Advisors Inc. ADV boosted its stake in State Street by 1.6% during the third quarter. Mercer Global Advisors Inc. ADV now owns 10,523 shares of the asset manager’s stock worth $624,000 after acquiring an additional 161 shares in the last quarter. Douglass Winthrop Advisors LLC boosted its position in shares of State Street by 2.5% during the 3rd quarter. Douglass Winthrop Advisors LLC now owns 6,625 shares of the asset manager’s stock worth $393,000 after purchasing an additional 162 shares in the last quarter. Ninety One SA PTY Ltd grew its stake in shares of State Street by 17.5% in the 3rd quarter. Ninety One SA PTY Ltd now owns 1,102 shares of the asset manager’s stock valued at $65,000 after buying an additional 164 shares during the period. Smith Asset Management Group LP increased its position in State Street by 74.2% in the 3rd quarter. Smith Asset Management Group LP now owns 446 shares of the asset manager’s stock valued at $26,000 after buying an additional 190 shares in the last quarter. Finally, Eudaimonia Partners LLC raised its stake in State Street by 1.3% during the 3rd quarter. Eudaimonia Partners LLC now owns 14,620 shares of the asset manager’s stock worth $867,000 after buying an additional 190 shares during the period. Institutional investors own 91.77% of the company’s stock.
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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