State Street (NYSE:STT – Free Report) had its target price lowered by Citigroup from $82.00 to $72.00 in a research report released on Monday morning, FlyOnTheWall reports.
Several other equities research analysts have also recently weighed in on STT. Deutsche Bank Aktiengesellschaft dropped their target price on State Street from $70.00 to $68.00 and set a hold rating for the company in a report on Tuesday, April 18th. Royal Bank of Canada dropped their target price on State Street from $85.00 to $80.00 in a report on Friday, March 24th. UBS Group dropped their target price on State Street from $100.00 to $95.00 and set a buy rating for the company in a report on Tuesday, April 4th. JPMorgan Chase & Co. cut State Street from a neutral rating to an underweight rating and dropped their target price for the company from $78.50 to $71.00 in a report on Monday. Finally, Bank of America dropped their target price on State Street from $80.00 to $72.00 in a report on Sunday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of $77.00.
State Street Price Performance
Shares of State Street stock opened at $66.51 on Monday. The company has a current ratio of 0.51, a quick ratio of 0.52 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $22.23 billion, a PE ratio of 8.99, a price-to-earnings-growth ratio of 1.30 and a beta of 1.56. The business’s 50-day moving average price is $71.36 and its 200-day moving average price is $77.71. State Street has a 12 month low of $58.62 and a 12 month high of $94.74.
State Street Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, July 13th. Stockholders of record on Monday, July 3rd were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date was Friday, June 30th. State Street’s payout ratio is presently 34.05%.
Insider Activity
In related news, CFO Eric W. Aboaf sold 11,899 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $68.28, for a total transaction of $812,463.72. Following the completion of the transaction, the chief financial officer now owns 157,860 shares of the company’s stock, valued at approximately $10,778,680.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other State Street news, EVP Michael L. Richards sold 1,814 shares of State Street stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $68.17, for a total value of $123,660.38. Following the completion of the sale, the executive vice president now owns 33,197 shares of the company’s stock, valued at approximately $2,263,039.49. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Eric W. Aboaf sold 11,899 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $68.28, for a total value of $812,463.72. Following the completion of the transaction, the chief financial officer now owns 157,860 shares of the company’s stock, valued at approximately $10,778,680.80. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the business. Assetmark Inc. raised its stake in shares of State Street by 2.9% in the fourth quarter. Assetmark Inc. now owns 4,075 shares of the asset manager’s stock worth $316,000 after purchasing an additional 116 shares during the last quarter. Kentucky Retirement Systems raised its stake in shares of State Street by 0.4% in the fourth quarter. Kentucky Retirement Systems now owns 28,903 shares of the asset manager’s stock worth $2,242,000 after purchasing an additional 127 shares during the last quarter. McAdam LLC raised its stake in shares of State Street by 2.2% in the first quarter. McAdam LLC now owns 6,404 shares of the asset manager’s stock worth $485,000 after purchasing an additional 139 shares during the last quarter. Citizens Financial Group Inc RI raised its stake in shares of State Street by 1.7% in the fourth quarter. Citizens Financial Group Inc RI now owns 8,447 shares of the asset manager’s stock worth $661,000 after purchasing an additional 141 shares during the last quarter. Finally, Northwest Investment Counselors LLC raised its stake in shares of State Street by 0.5% in the second quarter. Northwest Investment Counselors LLC now owns 29,178 shares of the asset manager’s stock worth $2,135,000 after purchasing an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 89.39% of the company’s stock.
About State Street
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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; 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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