State Street (NYSE:STT) Earns Buy Rating from Analysts at Citigroup

Citigroup assumed coverage on shares of State Street (NYSE:STT) in a research report report published on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $150.00 price target on the asset manager’s stock.

A number of other research firms also recently weighed in on STT. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. TD Cowen reissued a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Truist Financial set a $136.00 price target on State Street in a research note on Tuesday, January 20th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street Stock Up 3.4%

Shares of State Street stock opened at $131.58 on Monday. The firm has a market cap of $36.67 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 1.11 and a beta of 1.43. The stock has a 50-day simple moving average of $130.09 and a 200-day simple moving average of $120.97. State Street has a 52-week low of $72.81 and a 52-week high of $137.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.60 earnings per share. On average, equities research analysts expect that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street’s payout ratio is currently 35.71%.

Institutional Trading of State Street

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Regents of The University of California acquired a new stake in State Street during the third quarter worth about $324,576,000. Jones Financial Companies Lllp lifted its position in shares of State Street by 11.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock worth $24,139,000 after acquiring an additional 21,810 shares during the period. Machina Capital S.A.S. bought a new stake in shares of State Street in the 3rd quarter worth approximately $2,622,000. AE Wealth Management LLC acquired a new stake in shares of State Street during the 3rd quarter worth approximately $6,611,000. Finally, Impax Asset Management Group plc increased its position in shares of State Street by 49.2% during the third quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock valued at $14,847,000 after purchasing an additional 42,198 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.