Recent Analysts’ Ratings Updates for State Street (STT)

A number of firms have modified their ratings and price targets on shares of State Street (NYSE: STT) recently:

• 7/22/2024 – State Street had its price target raised by analysts at Citigroup Inc. from $85.00 to $90.00. They now have a “neutral” rating on the stock.
• 7/17/2024 – State Street had its price target raised by analysts at Bank of America Co. from $85.00 to $96.00. They now have an “underperform” rating on the stock.
• 7/17/2024 – State Street had its price target raised by analysts at Royal Bank of Canada from $85.00 to $91.00. They now have a “sector perform” rating on the stock.
• 7/17/2024 – State Street had its price target raised by analysts at Wells Fargo & Company from $91.00 to $98.00. They now have an “overweight” rating on the stock.
• 7/17/2024 – State Street had its price target raised by analysts at Barclays PLC from $102.00 to $103.00. They now have an “overweight” rating on the stock.
• 7/17/2024 – State Street had its price target raised by analysts at Evercore ISI from $88.00 to $91.00. They now have an “outperform” rating on the stock.
• 7/17/2024 – State Street had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $75.00 to $80.00. They now have a “hold” rating on the stock.
• 7/17/2024 – State Street had its price target raised by analysts at Morgan Stanley from $90.00 to $93.00. They now have an “equal weight” rating on the stock.
• 7/17/2024 – State Street had its price target raised by analysts at The Goldman Sachs Group, Inc. from $89.00 to $98.00. They now have a “buy” rating on the stock.
• 7/8/2024 – State Street had its “underperform” rating reaffirmed by analysts at Wolfe Research. They now have a $73.00 price target on the stock.
• 7/3/2024 – State Street had its “outperform” rating reaffirmed by analysts at Evercore ISI. They now have a $88.00 price target on the stock.
• 7/1/2024 – State Street had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $85.00 price target on the stock.
• 6/27/2024 – State Street had its price target lowered by analysts at Keefe, Bruyette & Woods from $88.00 to $84.00. They now have a “market perform” rating on the stock.
• 6/12/2024 – State Street had its “equal weight” rating reaffirmed by analysts at Morgan Stanley. They now have a $90.00 price target on the stock.

State Street Trading Up 2.4 %

Shares of NYSE:STT traded up $1.97 during mid-day trading on Thursday, hitting $84.93. The company had a trading volume of 622,764 shares, compared to its average volume of 2,297,123. The firm has a fifty day moving average price of $75.73 and a 200 day moving average price of $74.82. The company has a market capitalization of $25.59 billion, a PE ratio of 15.90, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.61. State Street Co. has a one year low of $62.78 and a one year high of $86.24.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.17 EPS. As a group, research analysts forecast that State Street Co. will post 8.12 EPS for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s payout ratio is 51.69%.

Institutional Investors Weigh In On State Street

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LRI Investments LLC bought a new position in shares of State Street in the first quarter worth approximately $25,000. CVA Family Office LLC bought a new stake in State Street in the fourth quarter valued at $27,000. Venturi Wealth Management LLC lifted its position in State Street by 92.5% during the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after buying an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new position in State Street during the fourth quarter valued at $35,000. Finally, Norwood Financial Corp purchased a new position in State Street during the first quarter valued at $35,000. 87.44% of the stock is currently owned by institutional investors.

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.