State Street (NYSE:STT) PT Raised to $85.00 at Royal Bank of Canada

State Street (NYSE:STT) had its price target boosted by Royal Bank of Canada from $65.00 to $85.00 in a research report sent to investors on Monday, AnalystRatings.com reports. They currently have a sector perform rating on the asset manager’s stock.

Several other research firms also recently weighed in on STT. Evercore ISI assumed coverage on shares of State Street in a report on Wednesday, November 20th. They set a buy rating and a $75.00 price objective on the stock. Goldman Sachs Group upgraded shares of State Street from a neutral rating to a buy rating and upped their price objective for the stock from $76.00 to $95.00 in a report on Monday, January 6th. Wolfe Research upgraded shares of State Street from a peer perform rating to an outperform rating in a report on Monday, January 6th. Citigroup upped their price objective on shares of State Street from $67.00 to $89.00 and gave the stock a buy rating in a report on Monday, December 16th. Finally, Keefe, Bruyette & Woods upgraded shares of State Street from a market perform rating to an outperform rating and set a $86.00 price objective on the stock in a report on Monday, December 9th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Hold and an average target price of $79.53.

STT opened at $80.46 on Monday. The company has a current ratio of 0.50, a quick ratio of 0.48 and a debt-to-equity ratio of 0.58. The company’s fifty day moving average price is $80.06 and its two-hundred day moving average price is $65.32. State Street has a 1-year low of $48.62 and a 1-year high of $85.89. The company has a market cap of $29.57 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 1.11 and a beta of 1.58.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $1.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.70 by $0.28. State Street had a net margin of 18.14% and a return on equity of 11.79%. The firm had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter in the prior year, the company posted $1.68 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. As a group, equities analysts forecast that State Street will post 6.88 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were issued a $0.52 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $2.08 annualized dividend and a dividend yield of 2.59%. State Street’s dividend payout ratio is currently 33.71%.

In other news, Director Joseph L. Hooley sold 25,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $65.70, for a total value of $1,642,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeffrey N. Carp sold 17,876 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $72.00, for a total transaction of $1,287,072.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,984 shares of company stock valued at $7,709,865. 0.40% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. Landsberg Bennett & Dubbaneh LLC bought a new position in State Street during the fourth quarter valued at about $313,000. FinTrust Capital Advisors LLC bought a new position in State Street during the fourth quarter valued at about $32,000. Ballentine Partners LLC grew its position in State Street by 3.6% during the fourth quarter. Ballentine Partners LLC now owns 4,927 shares of the asset manager’s stock valued at $389,000 after buying an additional 169 shares during the period. Patriot Financial Group Insurance Agency LLC grew its position in State Street by 9.2% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 1,752 shares of the asset manager’s stock valued at $139,000 after buying an additional 148 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in State Street by 75.0% during the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 117,621 shares of the asset manager’s stock valued at $9,304,000 after buying an additional 50,413 shares during the period. Institutional investors own 89.89% 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. 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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