Analysts Set State Street Corporation (NYSE:STT) Price Target at $184.72

State Street Corporation (NYSE:STT) has earned a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $184.7188.

A number of research firms have weighed in on STT. Bank of America boosted their target price on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Truist Financial reaffirmed a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. The Goldman Sachs Group lifted their price objective on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. UBS Group set a $176.00 price objective on State Street in a research report on Friday, June 26th. Finally, Wells Fargo & Company increased their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th.

Insider Activity

In other news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is owned by company insiders.

Institutional Trading of State Street

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Western Wealth Management LLC increased its holdings in State Street by 3.1% in the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock valued at $253,000 after buying an additional 60 shares during the period. Chicago Partners Investment Group LLC lifted its holdings in shares of State Street by 1.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after acquiring an additional 83 shares during the period. Arjuna Capital lifted its holdings in shares of State Street by 0.4% during the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after acquiring an additional 95 shares during the period. LVW Advisors LLC boosted its position in shares of State Street by 1.7% during the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock valued at $723,000 after acquiring an additional 96 shares in the last quarter. Finally, CX Institutional boosted its position in shares of State Street by 1.0% during the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after acquiring an additional 98 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Up 3.9%

NYSE:STT opened at $182.93 on Friday. The company’s 50 day moving average is $171.34 and its 200-day moving average is $147.45. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street has a 12 month low of $104.64 and a 12 month high of $192.51. The firm has a market cap of $50.63 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 0.73 and a beta of 1.42.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm earned $2.04 EPS. State Street’s quarterly revenue was up 23.3% compared to the same quarter last year. Equities analysts anticipate that State Street will post 13.68 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio is presently 32.45%.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.