Zacks Research upgraded shares of State Street (NYSE:STT – Free Report) from a hold rating to a strong-buy rating in a report issued on Tuesday morning,Zacks.com reports.
Several other brokerages also recently issued reports on STT. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target for the company in a report on Monday, April 6th. The Goldman Sachs Group increased their price objective on shares of State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research report on Monday. TD Cowen reissued a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Seaport Research Partners restated a “buy” rating and set a $170.00 price objective on shares of State Street in a report on Monday. Finally, Evercore set a $158.00 price target on State Street and gave the company an “outperform” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $154.00.
Check Out Our Latest Stock Report on STT
State Street Stock Down 0.8%
State Street (NYSE:STT – Get Free Report) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the company earned $2.04 earnings per share. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. Sell-side analysts predict that State Street will post 12.21 EPS for the current year.
State Street Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Wednesday, April 1st were paid a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street’s dividend payout ratio (DPR) is 34.08%.
Insider Transactions at State Street
In other State Street news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the transaction, the executive vice president owned 56,162 shares in the company, valued at $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On State Street
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Regents of The University of California grew its stake in shares of State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after buying an additional 5,908,370 shares during the last quarter. Morgan Stanley increased its stake in shares of State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after buying an additional 433,201 shares during the period. Victory Capital Management Inc. boosted its position in State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after buying an additional 1,074,174 shares during the period. Franklin Resources Inc. raised its stake in shares of State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after acquiring an additional 67,309 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after purchasing an additional 835,331 shares during the period. 87.44% of the stock is owned by institutional investors.
Key Stories Impacting State Street
Here are the key news stories impacting State Street this week:
- Positive Sentiment: Earnings-estimate revisions are moving higher for State Street, suggesting analysts expect continued profit momentum — a near-term positive catalyst. Earnings Estimates Moving Higher for State Street (STT): Time to Buy?
- Positive Sentiment: Keefe, Bruyette & Woods raised its price target to $175, signaling upside vs. current levels and supporting investor optimism. Keefe, Bruyette & Woods Boosts State Street (NYSE:STT) Price Target to $175.00
- Positive Sentiment: Momentum and Q1 commentary: observers note STT rallied recently (up ~4.3% over a week) and some analysts described Q1 as a “blockbuster,” reflecting strong EPS/revenue beats that underpin the bullish case. State Street Corporation (STT) Is Up 4.31% in One Week: What You Should Know
- Neutral Sentiment: Analyst coverage is mixed: several outlets highlight conflicting views across brokerages (some Holds, some constructive), leaving consensus direction unclear for investors. Analysts’ Opinions Are Mixed on These Financial Stocks: Simmons 1st Nat’l (SFNC) and State Street (STT)
- Neutral Sentiment: State Street’s asset-management units have trimmed/ceased “substantial holder” positions in several foreign names — routine portfolio moves that are unlikely to materially affect STT’s fundamentals but may show portfolio flow activity. State Street Exits Substantial Holder Position in Washington H. Soul Pattinson
- Negative Sentiment: Bank of America (via coverage reported on TipRanks) reiterated a Hold, noting that while near-term delivery is solid, a valuation re-rating limits upside — a cautionary signal that can cap multiple expansion. State Street: Solid Near‑term Delivery but Valuation Re‑Rating Leaves Risk‑Reward Balanced at Hold
- Negative Sentiment: RBC Capital issued a Hold on STT, reinforcing the cautious theme among some brokers and contributing to today’s selling pressure. State Street (STT) Receives a Hold from RBC Capital
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.
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