The Goldman Sachs Group initiated coverage on shares of State Street (NYSE:STT – Get 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 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
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.
- Get a free copy of the StockNews.com research report on State Street (STT)
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