State Street Co. (NYSE:STT) Receives Consensus Recommendation of “Hold” from Analysts

Shares of State Street Co. (NYSE:STT) have been assigned an average recommendation of “Hold” from the thirteen analysts that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $89.46.

STT has been the topic of a number of recent analyst reports. Morgan Stanley raised their price objective on State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. Evercore ISI boosted their price objective on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Bank of America raised their target price on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Citigroup boosted their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company raised their price objective on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th.

State Street Price Performance

NYSE STT opened at $89.13 on Tuesday. The company has a 50 day moving average price of $83.39 and a two-hundred day moving average price of $77.67. State Street has a 12-month low of $62.78 and a 12-month high of $89.49. The stock has a market capitalization of $26.85 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 1.38 and a beta of 1.48. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the prior year, the company posted $2.17 earnings per share. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities analysts predict that State Street will post 8.15 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.41%. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is presently 56.93%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. grew its position in shares of State Street by 6.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,443 shares of the asset manager’s stock worth $577,000 after buying an additional 456 shares during the period. Brown Advisory Inc. raised its holdings in shares of State Street by 2.5% in the fourth quarter. Brown Advisory Inc. now owns 18,993 shares of the asset manager’s stock valued at $1,471,000 after purchasing an additional 467 shares during the last quarter. Norges Bank bought a new stake in State Street during the 4th quarter worth about $147,421,000. Coldstream Capital Management Inc. raised its holdings in State Street by 4.3% during the fourth quarter. Coldstream Capital Management Inc. now owns 4,132 shares of the asset manager’s stock worth $320,000 after acquiring an additional 170 shares in the last quarter. Finally, Thoroughbred Financial Services LLC increased its holdings in State Street by 14.3% during the fourth quarter. Thoroughbred Financial Services LLC now owns 5,218 shares of the asset manager’s stock worth $404,000 after buying an additional 654 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.