State Street (NYSE:STT) Stock Rating Upgraded by StockNews.com

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

Other research analysts have also recently issued reports about the company. Truist Financial lowered their target price on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. Barclays raised their price objective 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. Evercore ISI upped their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a report on Friday, December 20th. One research 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $100.73.

State Street Stock Performance

STT opened at $100.16 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a 52-week low of $70.20 and a 52-week high of $101.91. The company has a market cap of $29.36 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 1.11 and a beta of 1.43. The firm’s fifty day simple moving average is $98.00 and its two-hundred day simple moving average is $90.58.

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. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3,267,560 billion. During the same quarter last year, the business posted $2.04 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities analysts anticipate that State Street will post 9.43 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a dividend of $0.76 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.04%. State Street’s payout ratio is currently 36.89%.

Insider Buying and Selling at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.31% of the stock is owned by insiders.

Institutional Trading of State Street

Several institutional investors have recently modified their holdings of STT. Geode Capital Management LLC increased its position in State Street by 0.6% during the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after buying an additional 41,442 shares during the period. FMR LLC raised its position in State Street by 15.8% in the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after purchasing an additional 833,679 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after purchasing an additional 1,354,560 shares during the period. Metropolis Capital Ltd grew its position in State Street by 3.9% during the 3rd quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock worth $379,209,000 after purchasing an additional 161,466 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in State Street by 13.8% in the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after acquiring an additional 408,792 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.