Barclays Increases State Street (STT) Price Target to $120.00

State Street (NYSE:STT) had its price objective hoisted by Barclays from $104.00 to $120.00 in a research note published on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the asset manager’s stock.

Several other analysts also recently commented on the stock. Zacks Investment Research downgraded shares of State Street from a buy rating to a hold rating in a report on Monday, September 18th. Morgan Stanley upped their price objective on shares of State Street from $90.00 to $105.00 and gave the company an equal weight rating in a report on Tuesday, October 24th. Keefe, Bruyette & Woods raised shares of State Street from a market perform rating to an outperform rating and set a $110.00 price objective on the stock in a report on Tuesday, December 12th. Royal Bank of Canada dropped their price objective on shares of State Street from $104.00 to $95.00 and set a sector perform rating on the stock in a report on Tuesday, October 24th. Finally, Jefferies Group reaffirmed a hold rating and issued a $100.00 price objective on shares of State Street in a report on Friday, September 15th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $99.40.

Shares of State Street (STT) opened at $98.57 on Tuesday. The company has a market cap of $36,260.00, a price-to-earnings ratio of 17.05, a PEG ratio of 1.48 and a beta of 1.35. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street has a twelve month low of $74.45 and a twelve month high of $100.90.

State Street (NYSE:STT) last released its quarterly earnings data on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, beating the consensus estimate of $1.61 by $0.10. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.35 EPS. sell-side analysts predict that State Street will post 6.25 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Friday, December 29th. State Street’s dividend payout ratio (DPR) is presently 29.07%.

In related news, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total transaction of $296,448.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Andrew Erickson sold 354 shares of the stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The disclosure for this sale can be found here. Insiders have sold 28,724 shares of company stock worth $2,659,741 over the last three months. 0.71% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in State Street by 1.9% during the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after purchasing an additional 448,658 shares in the last quarter. FMR LLC lifted its holdings in State Street by 10.8% during the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after purchasing an additional 1,940,536 shares in the last quarter. Longview Partners Guernsey LTD lifted its holdings in State Street by 6.5% during the third quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock valued at $770,313,000 after purchasing an additional 493,244 shares in the last quarter. Capital International Investors lifted its holdings in State Street by 63.3% during the third quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock valued at $551,383,000 after purchasing an additional 2,237,595 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its holdings in State Street by 44.8% during the third quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock valued at $427,133,000 after purchasing an additional 1,383,249 shares in the last quarter. 88.12% of the stock is currently owned by institutional investors and hedge funds.

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State Street Company Profile

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

Analyst Recommendations for State Street (NYSE:STT)

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