State Street Corp (NYSE:STT) Receives $78.73 Consensus Target Price from Analysts
State Street Corp (NYSE:STT) has earned an average recommendation of “Hold” from the twenty brokerages that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $75.70.
Several analysts have recently weighed in on STT shares. Deutsche Bank cut shares of State Street from a “buy” rating to a “hold” rating and set a $69.95 price target for the company. in a research note on Thursday, March 14th. Zacks Investment Research raised shares of State Street from a “sell” rating to a “hold” rating in a research note on Tuesday, March 12th. ValuEngine cut shares of State Street from a “sell” rating to a “strong sell” rating in a research note on Friday, March 1st. Buckingham Research dropped their price target on shares of State Street from $83.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Co dropped their price target on shares of State Street from $75.00 to $63.00 and set a “market perform” rating for the company in a research note on Wednesday.
State Street stock opened at $55.03 on Tuesday. State Street has a 1-year low of $53.53 and a 1-year high of $99.08. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.45 and a quick ratio of 0.45. The company has a market capitalization of $20.57 billion, a PE ratio of 7.62, a PEG ratio of 0.81 and a beta of 1.46.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Investors of record on Monday, July 1st will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.42%. State Street’s payout ratio is currently 26.04%.
In related news, Director Gregory L. Summe acquired 3,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was purchased at an average price of $64.50 per share, with a total value of $193,500.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey N. Carp sold 25,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total transaction of $1,580,500.00. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
Several large investors have recently bought and sold shares of STT. FMR LLC boosted its position in shares of State Street by 35.9% during the 4th quarter. FMR LLC now owns 18,222,073 shares of the asset manager’s stock worth $1,149,266,000 after purchasing an additional 4,816,904 shares during the period. BlackRock Inc. boosted its position in shares of State Street by 19.2% during the 4th quarter. BlackRock Inc. now owns 27,075,321 shares of the asset manager’s stock worth $1,707,639,000 after purchasing an additional 4,355,656 shares during the period. Norges Bank purchased a new position in shares of State Street during the 4th quarter worth approximately $257,096,000. Goldman Sachs Group Inc. boosted its position in shares of State Street by 181.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,138,809 shares of the asset manager’s stock worth $272,376,000 after purchasing an additional 2,666,972 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of State Street by 6,371.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,604,034 shares of the asset manager’s stock worth $41,000 after purchasing an additional 2,563,798 shares during the period. 89.63% of the stock is owned by hedge funds and other institutional investors.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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