State Street (NYSE:STT) Raised to Peer Perform at Wolfe Research

Wolfe Research upgraded shares of State Street (NYSE:STT) from an underperform rating to a peer perform rating in a research note published on Monday, MarketBeat Ratings reports.

Other research analysts have also issued research reports about the stock. Truist Financial decreased their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a research note on Saturday. Wells Fargo & Company boosted their price objective on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. Evercore ISI boosted their price objective on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and a consensus target price of $100.73.

State Street Stock Up 1.1 %

State Street stock opened at $100.16 on Monday. The firm has a market capitalization of $29.36 billion, a PE ratio of 12.15, a P/E/G ratio of 1.11 and a beta of 1.43. The company’s 50-day moving average is $98.00 and its 200-day moving average is $90.58. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $101.91. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3,267,560 billion. During the same quarter in the prior year, the business earned $2.04 EPS. State Street’s quarterly revenue was up 12.1% on a year-over-year basis. Sell-side analysts anticipate that State Street will post 9.43 earnings per share for the current year.

State Street Announces Dividend

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

Insider Buying and Selling

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 shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. This represents a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently added to or reduced their stakes in STT. MBB Public Markets I LLC acquired a new position in State Street in the 2nd quarter valued at approximately $1,629,000. Kathmere Capital Management LLC acquired a new position in State Street in the 2nd quarter valued at approximately $205,000. Creative Planning increased its position in State Street by 11.2% in the 2nd quarter. Creative Planning now owns 18,400 shares of the asset manager’s stock valued at $1,362,000 after acquiring an additional 1,857 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in State Street by 5.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,863 shares of the asset manager’s stock valued at $878,000 after acquiring an additional 588 shares during the period. Finally, Invst LLC increased its position in State Street by 6.5% in the 2nd quarter. Invst LLC now owns 11,428 shares of the asset manager’s stock valued at $841,000 after acquiring an additional 693 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

About State Street

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.