State Street (NYSE:STT) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of State Street (NYSE:STTGet Rating) in a research report released on Wednesday morning, The Fly reports. The firm issued a neutral rating on the asset manager’s stock.

A number of other equities research analysts have also recently commented on STT. Morgan Stanley cut shares of State Street from an overweight rating to an equal weight rating in a report on Tuesday, December 6th. Wells Fargo & Company increased their price target on shares of State Street to $86.00 in a report on Monday, December 12th. StockNews.com assumed coverage on shares of State Street in a report on Wednesday, October 12th. They set a hold rating on the stock. Citigroup raised their target price on shares of State Street from $81.00 to $85.00 and gave the stock a neutral rating in a report on Thursday, December 1st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of State Street from $66.00 to $77.00 and gave the stock a hold rating in a report on Tuesday, November 15th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, State Street presently has a consensus rating of Hold and an average price target of $87.12.

State Street Price Performance

Shares of STT opened at $79.48 on Wednesday. The stock has a market cap of $29.16 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 1.21 and a beta of 1.57. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.54 and a current ratio of 0.54. State Street has a fifty-two week low of $58.62 and a fifty-two week high of $104.87. The firm’s 50-day simple moving average is $77.21 and its two-hundred day simple moving average is $70.69.

State Street (NYSE:STTGet Rating) last announced its quarterly earnings data on Tuesday, October 18th. The asset manager reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.03. State Street had a net margin of 22.48% and a return on equity of 11.72%. The business had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter in the prior year, the company earned $2.00 earnings per share. The business’s revenue was down 1.0% compared to the same quarter last year. Analysts anticipate that State Street will post 7.22 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Tuesday, January 3rd will be given a $0.63 dividend. The ex-dividend date of this dividend is Friday, December 30th. This represents a $2.52 annualized dividend and a yield of 3.17%. State Street’s payout ratio is presently 35.69%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. CVA Family Office LLC raised its position in State Street by 16.5% in the third quarter. CVA Family Office LLC now owns 920 shares of the asset manager’s stock worth $56,000 after acquiring an additional 130 shares during the period. Teachers Retirement System of The State of Kentucky bought a new position in State Street in the third quarter worth approximately $2,125,000. National Pension Service raised its position in State Street by 2.8% in the third quarter. National Pension Service now owns 520,014 shares of the asset manager’s stock worth $32,095,000 after acquiring an additional 14,302 shares during the period. CENTRAL TRUST Co raised its position in shares of State Street by 25.6% during the 3rd quarter. CENTRAL TRUST Co now owns 1,570 shares of the asset manager’s stock valued at $95,000 after purchasing an additional 320 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in shares of State Street by 5.1% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 82,616 shares of the asset manager’s stock valued at $5,024,000 after purchasing an additional 3,981 shares during the period. 88.41% of the stock is currently owned by institutional investors.

State Street Company Profile

(Get Rating)

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; product 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 and enhanced custody products; 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.

Further Reading

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