State Street Co. (NYSE:STT) Receives Consensus Rating of “Hold” from Analysts

State Street Co. (NYSE:STT) has earned an average recommendation of “Hold” from the thirteen analysts that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $88.89.

STT has been the topic of several analyst reports. The Goldman Sachs Group upped their price target on shares of State Street from $89.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft decreased their price target on State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research note on Thursday, August 15th. Royal Bank of Canada upped their price target on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Finally, Wells Fargo & Company upped their target price on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th.

State Street Price Performance

Shares of NYSE:STT opened at $85.90 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $25.65 billion, a price-to-earnings ratio of 16.09, a P/E/G ratio of 1.37 and a beta of 1.50. The firm has a fifty day moving average price of $79.28 and a 200 day moving average price of $76.01. State Street has a fifty-two week low of $62.78 and a fifty-two week high of $86.40.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the company earned $2.17 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts expect that State Street will post 8.13 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be issued a $0.76 dividend. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.54%. This is a boost from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio (DPR) is currently 51.69%.

Institutional Trading of State Street

Several large investors have recently added to or reduced their stakes in STT. Heritage Oak Wealth Advisors LLC purchased a new stake in State Street in the second quarter valued at approximately $419,000. Teachers Retirement System of The State of Kentucky lifted its stake in State Street by 1,078.9% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 305,973 shares of the asset manager’s stock valued at $22,642,000 after acquiring an additional 280,019 shares during the period. Brandes Investment Partners LP boosted its holdings in shares of State Street by 9.6% in the 2nd quarter. Brandes Investment Partners LP now owns 1,069,556 shares of the asset manager’s stock valued at $79,069,000 after acquiring an additional 93,367 shares during the last quarter. Quarry LP increased its stake in shares of State Street by 1,174.2% in the second quarter. Quarry LP now owns 2,765 shares of the asset manager’s stock worth $205,000 after acquiring an additional 2,548 shares during the period. Finally, Invst LLC raised its holdings in shares of State Street by 6.5% during the second quarter. Invst LLC now owns 11,428 shares of the asset manager’s stock worth $841,000 after purchasing an additional 693 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.