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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors. It also engages in the provision of portfolio management and risk analytics, as well as trading and post-trade settlement services with integrated compliance and managed data. In addition, the company offers investment management strategies and products, such as core and enhanced indexing, multi-asset strategies, active quantitative and fundamental active capabilities, and alternative investment strategies. Further, it provides services and solutions, including environmental, social, and governance investing; defined benefit and defined contribution; and global fiduciary solutions, as well as exchange-traded fund under the SPDR ETF brand. The company provides its products and services to mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments, and investment managers. State Street Corporation was founded in 1792 and is headquartered in Boston, Massachusetts.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on the company. Evercore ISI set a $78.00 target price on State Street in a report on Tuesday, July 19th. Argus upgraded State Street from a "hold" rating to a "buy" rating and set a $93.00 target price for the company in a report on Thursday, April 21st. Royal Bank of Canada reduced their target price on State Street from $90.00 to $80.00 in a report on Tuesday, June 14th. Deutsche Bank Aktiengesellschaft upped their price target on shares of State Street from $67.00 to $74.00 in a research note on Friday. Finally, Piper Sandler dropped their price target on shares of State Street from $78.00 to $75.00 and set a "neutral" rating on the stock in a research note on Friday, July 1st. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, State Street has a consensus rating of "Hold" and an average price target of $84.81.
State Street Stock Up 1.9 %
State Street stock traded up $1.42 during mid-day trading on Friday, hitting $74.93. 1,586,626 shares of the company's stock were exchanged, compared to its average volume of 2,218,069. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.57. The stock has a market cap of $27.55 billion, a P/E ratio of 10.38, a P/E/G ratio of 1.28 and a beta of 1.61. State Street has a 1-year low of $58.79 and a 1-year high of $104.87. The stock has a 50 day moving average of $66.35 and a two-hundred day moving average of $76.61.
State Street Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Shareholders of record on Monday, October 3rd will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 3.36%. This is a boost from State Street's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, September 30th. State Street's dividend payout ratio is 31.58%.