Evercore ISI Has Lowered Expectations for State Street (NYSE:STT) Stock Price

by · The Cerbat Gem

State Street (NYSE:STT – Free Report) had its target price trimmed by Evercore ISI from $109.00 to $106.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the asset manager’s stock.

Several other equities analysts have also issued reports on STT. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research note on Friday, December 20th. Morgan Stanley dropped their target price on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, Wells Fargo & Company dropped their price objective on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $102.07.

Get Our Latest Stock Analysis on STT

State Street Stock Down 7.8 %

STT opened at $82.64 on Tuesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a fifty day moving average of $94.55 and a 200-day moving average of $94.53. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The company has a market capitalization of $23.84 billion, a P/E ratio of 10.03, a P/E/G ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company earned $2.04 EPS. On average, equities analysts expect that State Street will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.68%. State Street’s payout ratio is 36.89%.

Insider Buying and Selling

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On State Street

Several hedge funds and other institutional investors have recently modified their holdings of the company. Flagship Harbor Advisors LLC bought a new position in shares of State Street in the 4th quarter worth $272,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in State Street by 3.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock worth $44,725,000 after buying an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after buying an additional 10,404 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after buying an additional 7,446 shares during the last quarter. Finally, Merit Financial Group LLC bought a new stake in shares of State Street during the fourth quarter worth about $395,000. Institutional investors own 87.44% of the company’s stock.

About State Street

(Get Free Report)

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.

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