Evercore ISI Cuts State Street (NYSE:STT) Price Target to $106.00

State Street (NYSE:STT) had its price target cut by Evercore ISI from $109.00 to $106.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

Other research analysts also recently issued research reports about the company. Morgan Stanley reduced their price objective on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research note on Friday, December 20th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Truist Financial cut their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Finally, Wells Fargo & Company lowered their target price on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a report on Friday, March 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, State Street currently has an average rating of “Hold” and a consensus target price of $102.07.

State Street Stock Performance

State Street stock opened at $82.64 on Tuesday. The stock has a 50-day simple moving average of $94.55 and a 200 day simple moving average of $94.53. The stock has a market capitalization of $23.84 billion, a price-to-earnings ratio of 10.03, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a 12-month low of $70.20 and a 12-month high of $103.00.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter last year, the company posted $2.04 EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, research analysts anticipate that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.68%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio is 36.89%.

Insider Transactions at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

Several large investors have recently made changes to their positions in STT. Flagship Harbor Advisors LLC acquired a new stake in shares of State Street in the fourth quarter valued at approximately $272,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in State Street by 3.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock valued at $44,725,000 after acquiring an additional 14,476 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in State Street by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after purchasing an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after purchasing an additional 7,446 shares during the period. Finally, Merit Financial Group LLC acquired a new position in shares of State Street in the fourth quarter valued at $395,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Company Profile

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; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.