State Street Co. (NYSE:STT - Get Free Report) saw an uptick in trading volume on Friday after JPMorgan Chase & Co. raised their price target on the stock from $79.50 to $80.50. 2,686,474 shares were traded during trading, an increase of 22% from the previous session's volume of 2,206,159 shares.The stock last traded at $74.88 and had previously closed at $73.91.
Other equities analysts have also issued research reports about the stock. UBS Group lifted their target price on shares of State Street from $80.00 to $82.00 and gave the company a "neutral" rating in a report on Friday. Bank of America restated an "underperform" rating and set a $81.00 target price on shares of State Street in a report on Thursday, January 4th. Keefe, Bruyette & Woods cut their price objective on shares of State Street from $89.00 to $86.00 and set a "market perform" rating on the stock in a report on Monday, January 22nd. Barclays boosted their price objective on shares of State Street from $87.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday, January 2nd. Finally, Morgan Stanley boosted their price objective on shares of State Street from $83.00 to $88.00 and gave the stock an "equal weight" rating in a report on Tuesday, January 30th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $83.71.
Read Our Latest Stock Report on STT
Insider Transactions at State Street
In other news, EVP Anthony Bisegna sold 2,606 shares of the company's stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares of the company's stock, valued at approximately $1,294,801. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the sale, the chief financial officer now directly owns 149,063 shares of the company's stock, valued at $11,015,755.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Anthony Bisegna sold 2,606 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the sale, the executive vice president now directly owns 17,737 shares of the company's stock, valued at $1,294,801. The disclosure for this sale can be found here. In the last three months, insiders sold 18,864 shares of company stock valued at $1,390,597. Company insiders own 0.25% of the company's stock.
Institutional Investors Weigh In On State Street
Several hedge funds have recently made changes to their positions in STT. Norges Bank purchased a new stake in shares of State Street in the 4th quarter valued at approximately $184,482,000. Morgan Stanley increased its stake in State Street by 31.1% in the 4th quarter. Morgan Stanley now owns 6,031,661 shares of the asset manager's stock valued at $467,876,000 after buying an additional 1,430,237 shares during the period. Eaton Vance Management increased its stake in State Street by 159.8% in the 1st quarter. Eaton Vance Management now owns 1,750,857 shares of the asset manager's stock valued at $152,535,000 after buying an additional 1,077,013 shares during the period. AustralianSuper Pty Ltd increased its stake in State Street by 327.0% in the 3rd quarter. AustralianSuper Pty Ltd now owns 1,325,417 shares of the asset manager's stock valued at $88,750,000 after buying an additional 1,015,022 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new position in State Street in the 4th quarter valued at approximately $45,687,000. Hedge funds and other institutional investors own 87.44% of the company's stock.
State Street Trading Up 2.5 %
The stock has a market cap of $22.88 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 1.38 and a beta of 1.52. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.55 and a current ratio of 0.55. The company's 50 day simple moving average is $73.87 and its two-hundred day simple moving average is $72.14.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, topping the consensus estimate of $1.83 by $0.21. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $2.95 billion. State Street had a net margin of 10.59% and a return on equity of 11.86%. State Street's quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.07 EPS. Research analysts expect that State Street Co. will post 7.87 EPS for the current fiscal year.
State Street Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.64%. The ex-dividend date was Thursday, March 28th. State Street's dividend payout ratio is currently 50.27%.
About State Street
(
Get Free Report)
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.
Further Reading
Before you consider State Street, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and State Street wasn't on the list.
While State Street currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
