State Street Corporation (NYSE:STT) Stock Now Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts rate State Street a “Moderate Buy.” Sixteen firms cover the stock, with nine buy ratings, six holds and one strong buy; the average 12-month price target is $190.44.
• State Street reported strong quarterly results, posting $3.65 in EPS versus the $3.34 consensus and $4.05 billion in revenue, up 23.3% year over year.
• The company increased its quarterly dividend from $0.84 to $0.92 per share, equivalent to an annualized $3.68 dividend and a 2.1% yield.

Shares of State Street Corporation (NYSE:STT - Get Free Report) have been given an average rating of "Moderate Buy" by the sixteen ratings firms that are covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $190.44.

A number of research firms have weighed in on STT. Evercore set a $200.00 price objective on shares of State Street in a report on Monday, July 20th. Truist Financial cut their price target on State Street from $191.00 to $190.00 and set a "hold" rating for the company in a research note on Tuesday. Citigroup upped their price target on State Street from $210.00 to $212.00 and gave the stock a "buy" rating in a report on Monday. Weiss Ratings upgraded State Street from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, September 14th. Finally, JPMorgan Chase & Co. raised their price objective on State Street from $187.00 to $187.50 and gave the company a "neutral" rating in a report on Friday, October 2nd.

State Street Stock Down 0.4%

State Street stock opened at $175.67 on Wednesday. The business's 50-day moving average price is $186.13 and its 200 day moving average price is $167.20. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm has a market cap of $48.26 billion, a price-to-earnings ratio of 15.49, a price-to-earnings-growth ratio of 0.83 and a beta of 1.41. State Street has a 52 week low of $104.64 and a 52 week high of $195.93.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.88 billion. During the same quarter last year, the company earned $2.04 EPS. The business's revenue was up 23.3% on a year-over-year basis. As a group, sell-side analysts anticipate that State Street will post 13.81 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.1%. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio is 32.45%.

Insider Buying and Selling at State Street

In other State Street news, EVP W. Hu sold 9,758 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares of the company's stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business's stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares of the company's stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On State Street

Several large investors have recently bought and sold shares of the company. Western Wealth Management LLC lifted its position in shares of State Street by 3.1% during the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager's stock worth $253,000 after buying an additional 60 shares during the last quarter. CX Institutional grew its position in shares of State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager's stock valued at $1,660,000 after buying an additional 98 shares during the last quarter. Greenleaf Trust raised its stake in State Street by 0.6% during the 2nd quarter. Greenleaf Trust now owns 17,295 shares of the asset manager's stock worth $2,933,000 after acquiring an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager's stock worth $4,053,000 after acquiring an additional 100 shares in the last quarter. Finally, Bridgewater Advisors Inc. lifted its position in State Street by 5.5% in the first quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager's stock valued at $246,000 after acquiring an additional 101 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Company Profile

State Street Corporation NYSE: STT is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.

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