State Street Corporation (NYSE:STT) Given Consensus Recommendation of "Hold" by Brokerages

State Street Corporation (NYSE:STT - Get Free Report) has been given an average rating of "Hold" by the fourteen research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $102.54.

STT has been the subject of a number of recent research reports. Morgan Stanley set a $110.00 price target on State Street and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Citigroup cut their price target on State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Keefe, Bruyette & Woods cut their price target on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Truist Financial upgraded State Street from a "hold" rating to a "buy" rating and boosted their price target for the company from $85.00 to $112.00 in a research note on Wednesday, May 28th. Finally, The Goldman Sachs Group set a $98.00 price objective on State Street and gave the company a "buy" rating in a research report on Thursday, April 17th.

Insiders Place Their Bets

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer now owns 7,354 shares of the company's stock, valued at approximately $667,154.88. This represents a 15.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in STT. Eastern Bank grew its stake in shares of State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after acquiring an additional 2,947,153 shares during the last quarter. Norges Bank acquired a new stake in shares of State Street during the fourth quarter worth about $161,021,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after purchasing an additional 1,622,408 shares during the period. Nuveen LLC acquired a new stake in shares of State Street during the first quarter worth about $93,016,000. Finally, FMR LLC raised its position in State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after buying an additional 870,849 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Price Performance

Shares of STT stock opened at $99.21 on Thursday. The firm has a market cap of $28.29 billion, a P/E ratio of 11.13, a P/E/G ratio of 1.13 and a beta of 1.44. State Street has a fifty-two week low of $71.80 and a fifty-two week high of $103.00. The business's 50 day moving average price is $92.28 and its 200-day moving average price is $94.04. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.79% and a net margin of 12.85%. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.30 billion. During the same quarter last year, the firm posted $1.69 earnings per share. On average, equities research analysts anticipate that State Street will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be paid a $0.76 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.06%. State Street's payout ratio is 34.12%.

State Street Company Profile

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.

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