State Street (STT) – Analysts’ Recent Ratings Updates

Posted by Carolyn Dwyer on Dec 19th, 2024

Several brokerages have updated their recommendations and price targets on shares of State Street (NYSE: STT) in the last few weeks:

12/19/2024 – State Street was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
12/10/2024 – State Street was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
12/9/2024 – State Street was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating. They now have a $139.00 price target on the stock, up previously from $102.00.
12/3/2024 – State Street was upgraded by analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating. They now have a $120.00 price target on the stock, up previously from $105.00.
12/2/2024 – State Street was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
11/20/2024 – State Street was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
11/15/2024 – State Street had its price target raised by analysts at Wells Fargo & Company from $106.00 to $108.00. They now have an “overweight” rating on the stock.
11/11/2024 – State Street had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $90.00 to $95.00. They now have a “hold” rating on the stock.

State Street Price Performance

STT traded up $0.68 during midday trading on Thursday, hitting $95.42. The stock had a trading volume of 2,089,631 shares, compared to its average volume of 2,217,131. The company has a market cap of $27.97 billion, a P/E ratio of 15.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. State Street Co. has a 1 year low of $70.20 and a 1 year high of $101.91. The business has a fifty day moving average of $95.27 and a 200 day moving average of $85.82.

State Street (NYSE:STT – Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter last year, the firm earned $1.93 EPS. The company’s revenue was up 21.1% on a year-over-year basis. As a group, equities analysts forecast that State Street Co. will post 8.42 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.19%. State Street’s dividend payout ratio (DPR) is 48.03%.

Insider Buying and Selling

In other State Street news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the transaction, the executive vice president now owns 55,108 shares in the company, valued at $5,032,462.56. This trade represents a 20.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,460 shares of company stock valued at $2,499,860 over the last 90 days. Company insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

Several institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of State Street by 1.2% in the third quarter. Principal Financial Group Inc. now owns 346,252 shares of the asset manager’s stock valued at $30,633,000 after acquiring an additional 4,052 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of State Street in the 3rd quarter worth approximately $209,000. Inspire Trust Co. N.A. boosted its stake in shares of State Street by 5.9% during the third quarter. Inspire Trust Co. N.A. now owns 35,776 shares of the asset manager’s stock valued at $3,165,000 after purchasing an additional 2,000 shares in the last quarter. Franklin Resources Inc. increased its holdings in State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after buying an additional 408,792 shares during the period. Finally, Peapack Gladstone Financial Corp increased its holdings in State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock valued at $467,000 after buying an additional 103 shares during the period. Institutional investors own 87.44% of the company’s stock.

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.