State Street (NYSE:STT) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of State Street (NYSE:STT) from a hold rating to a buy rating in a research note published on Thursday.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley reduced their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. Truist Financial lowered their price objective on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Barclays raised their price target on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $100.73.

State Street Stock Performance

Shares of STT opened at $97.57 on Thursday. The stock has a market capitalization of $28.15 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 1.11 and a beta of 1.43. The firm has a fifty day simple moving average of $98.57 and a 200 day simple moving average of $93.35. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a 12 month low of $70.20 and a 12 month high of $103.00.

State Street (NYSE:STT) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the business earned $2.04 earnings per share. Research analysts forecast that State Street will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.12%. State Street’s dividend payout ratio is currently 36.89%.

Insider Buying and Selling at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Flagship Harbor Advisors LLC acquired a new position in State Street in the 4th quarter worth about $272,000. KBC Group NV boosted its stake in shares of State Street by 20.5% during the third quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock valued at $6,607,000 after purchasing an additional 12,707 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after purchasing an additional 7,446 shares during the last quarter. Merit Financial Group LLC acquired a new position in shares of State Street in the fourth quarter valued at approximately $395,000. Finally, Asset Management One Co. Ltd. raised its holdings in State Street by 17.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock valued at $12,124,000 after buying an additional 20,183 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.