State Street (NYSE:STT) Given New $106.00 Price Target at Evercore ISI

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

Other research analysts have also recently issued reports about the company. Wells Fargo & Company lowered their price target on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Citigroup reduced their target price on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Truist Financial lowered their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $103.00 price objective (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $102.33.

State Street Stock Performance

Shares of NYSE STT opened at $88.82 on Tuesday. The firm has a 50 day moving average of $94.99 and a 200 day moving average of $94.65. The firm has a market capitalization of $25.62 billion, a price-to-earnings ratio of 10.78, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. State Street has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 EPS. On average, research analysts anticipate that State Street will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.42%. State Street’s dividend payout ratio is currently 36.89%.

Insider Transactions at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was 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 approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new stake in State Street during the fourth quarter worth $161,021,000. Price T Rowe Associates Inc. MD raised its position in shares of State Street by 236.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock worth $226,642,000 after acquiring an additional 1,622,408 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. FMR LLC boosted its position in State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after purchasing an additional 870,849 shares in the last quarter. Finally, Azora Capital LP purchased a new position in State Street in the fourth quarter valued at about $80,294,000. 87.44% of the stock is currently owned by institutional investors.

About State Street

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.