Evercore ISI Reaffirms Outperform Rating for State Street (NYSE:STT)

Evercore ISI reissued their outperform rating on shares of State Street (NYSE:STT) in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a $88.00 price objective on the asset manager’s stock.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. increased their price target on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Argus increased their price target on shares of State Street from $84.00 to $86.00 and gave the company a buy rating in a report on Monday, April 15th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $85.00 price target on shares of State Street in a report on Monday, July 1st. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $88.00 to $84.00 and set a market perform rating for the company in a research note on Thursday, June 27th. Finally, UBS Group raised their price objective on shares of State Street from $80.00 to $82.00 and gave the stock a neutral rating in a research note on Friday, April 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, State Street currently has an average rating of Hold and a consensus price target of $83.88.

State Street Stock Down 0.6 %

STT opened at $73.72 on Wednesday. The firm has a 50-day simple moving average of $74.30 and a two-hundred day simple moving average of $74.59. State Street has a 52 week low of $62.78 and a 52 week high of $79.90. The company has a market capitalization of $22.21 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.29 and a beta of 1.48. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.90.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, beating the consensus estimate of $1.48 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The business had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.06 billion. Analysts forecast that State Street will post 7.95 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date of this dividend is Monday, July 1st. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently modified their holdings of the stock. Capital International Investors increased its position in shares of State Street by 0.5% during the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock worth $512,381,000 after acquiring an additional 31,314 shares during the period. LSV Asset Management increased its holdings in State Street by 10.5% during the first quarter. LSV Asset Management now owns 4,044,135 shares of the asset manager’s stock valued at $312,693,000 after buying an additional 385,404 shares during the period. Metropolis Capital Ltd increased its holdings in State Street by 5.3% during the first quarter. Metropolis Capital Ltd now owns 3,645,635 shares of the asset manager’s stock valued at $281,880,000 after buying an additional 183,591 shares during the period. Dimensional Fund Advisors LP increased its holdings in State Street by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock valued at $201,243,000 after buying an additional 79,746 shares during the period. Finally, Putnam Investments LLC increased its holdings in State Street by 5.8% during the fourth quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock valued at $181,508,000 after buying an additional 129,493 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

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; 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.