Bank of America upgraded shares of State Street (NYSE:STT) from a neutral rating to a buy rating in a report released on Friday morning, MarketBeat Ratings reports. The brokerage currently has $66.51 price objective on the asset manager’s stock.

A number of other research analysts have also recently commented on STT. Deutsche Bank increased their price target on shares of State Street from $98.00 to $99.00 and gave the company a buy rating in a research report on Thursday, September 27th. Goldman Sachs Group assumed coverage on shares of State Street in a research report on Thursday, October 11th. They set a buy rating on the stock. UBS Group increased their price target on shares of State Street from $96.00 to $98.00 and gave the company a buy rating in a research report on Monday, October 8th. Citigroup reiterated a buy rating and set a $80.00 price target on shares of State Street in a research report on Tuesday, December 11th. Finally, TheStreet cut shares of State Street from a b- rating to a c+ rating in a report on Tuesday, December 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $92.03.

NYSE STT opened at $67.01 on Friday. The stock has a market cap of $25.35 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 0.96 and a beta of 1.35. State Street has a 52 week low of $57.87 and a 52 week high of $114.27. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.02). State Street had a return on equity of 14.99% and a net margin of 19.90%. The firm had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the previous year, the company posted $1.71 earnings per share. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, analysts anticipate that State Street will post 7.31 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 16th. Stockholders of record on Wednesday, January 2nd will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Monday, December 31st. State Street’s dividend payout ratio is presently 31.54%.

In other State Street news, Director Saint-Aignan Patrick De acquired 500 shares of State Street stock in a transaction that occurred on Tuesday, October 23rd. The stock was bought at an average cost of $68.62 per share, for a total transaction of $34,310.00. Following the acquisition, the director now owns 25,138 shares of the company’s stock, valued at $1,724,969.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Louis D. Maiuri acquired 740 shares of State Street stock in a transaction that occurred on Wednesday, October 24th. The stock was acquired at an average price of $67.60 per share, with a total value of $50,024.00. Following the completion of the acquisition, the executive vice president now directly owns 45,314 shares in the company, valued at approximately $3,063,226.40. The disclosure for this purchase can be found here. 0.40% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strategic Wealth Partners Ltd. grew its stake in shares of State Street by 1,038.7% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 322 shares during the period. Moody National Bank Trust Division grew its stake in shares of State Street by 199.4% during the 4th quarter. Moody National Bank Trust Division now owns 470 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 313 shares during the period. CI Investments Inc. bought a new position in shares of State Street during the 3rd quarter valued at approximately $101,000. Moneta Group Investment Advisors LLC grew its stake in shares of State Street by 3,604.1% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 29,633 shares of the asset manager’s stock valued at $103,000 after acquiring an additional 28,833 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC grew its stake in shares of State Street by 1,855.1% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,349 shares of the asset manager’s stock valued at $113,000 after acquiring an additional 1,280 shares during the period. Institutional investors own 87.19% of the company’s stock.

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 and participant level 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; 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.

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Analyst Recommendations for State Street (NYSE:STT)

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