State Street’s (STT) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of State Street (NYSE:STT) in a research report released on Monday morning, Benzinga reports. Royal Bank of Canada currently has a $85.00 price objective on the asset manager’s stock.

Several other research firms have also recently issued reports on STT. Keefe, Bruyette & Woods decreased their price target on State Street from $88.00 to $84.00 and set a market perform rating for the company in a research note on Thursday, June 27th. UBS Group raised their target price on shares of State Street from $80.00 to $82.00 and gave the company a neutral rating in a research note on Friday, April 12th. JPMorgan Chase & Co. upped their price target on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Morgan Stanley reiterated an equal weight rating and set a $90.00 price objective on shares of State Street in a research note on Wednesday, June 12th. Finally, Argus upped their target price on State Street from $84.00 to $86.00 and gave the stock a buy rating in a research report on Monday, April 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, State Street currently has an average rating of Hold and a consensus price target of $83.88.

State Street Trading Up 0.4 %

State Street stock opened at $74.14 on Monday. The firm has a 50-day moving average price of $74.28 and a two-hundred day moving average price of $74.59. State Street has a 52-week low of $62.78 and a 52-week high of $79.90. The firm has a market capitalization of $22.34 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 1.28 and a beta of 1.48. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.90.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The business had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.06 billion. Sell-side analysts expect that State Street will post 7.95 earnings per share for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend is Monday, July 1st. State Street’s dividend payout ratio is 51.69%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in STT. AEGON ASSET MANAGEMENT UK Plc acquired a new position in State Street in the 4th quarter worth approximately $45,687,000. Crestwood Advisors Group LLC raised its stake in State Street by 11.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock valued at $5,562,000 after purchasing an additional 8,202 shares during the period. Ferguson Wellman Capital Management Inc. boosted its position in shares of State Street by 3.7% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock worth $37,522,000 after buying an additional 17,270 shares during the period. Public Employees Retirement Association of Colorado grew its holdings in shares of State Street by 298.6% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock valued at $2,935,000 after buying an additional 28,382 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in State Street by 4.9% during the fourth quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock valued at $20,941,000 after buying an additional 12,594 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

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.