Stocks of State Street Corporation (NYSE:STT) traded higher last session on Wall Street, down -1.96% to $67.03.
According to the data, State Street Corporation (NYSE:STT) has 19 analysts covering its stock. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $100.00 and a low of $68.00, we find $82.50. Given the previous closing price of $68.37, this indicates a potential upside of 20.67 percent. STT stock price is now -7.57% away from the 50-day moving average and -11.59% away from the 200-day moving average. The market capitalization of the company currently stands at $22.75B.
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A total of 10 analysts have issued a hold rating and 7 have given it a buy rating. Brokers who have rated the stock have averaged $84.22 as their price target over the next twelve months.
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In other news, Aboaf Eric W., Vice Chairman and CFO sold 11,899 shares of the company’s stock on May 19. The stock was sold for $812,426 at an average price of $68.28. Upon completion of the transaction, the Vice Chairman and CFO now directly owns 157,860 shares in the company, valued at $10.58 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 19, EVP and Chief Admin Officer RICHARDS MICHAEL L sold 319 shares of the business’s stock. A total of $22,228 was realized by selling the stock at an average price of $69.68. This leaves the insider owning 32,878 shares of the company worth $2.2 million. Insiders disposed of 217,616 shares of company stock worth roughly $14.59 million over the past 1 year. A total of 0.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in STT stock. A new stake in State Street Corporation shares was purchased by QUBE RESEARCH & TECHNOLOGIES LTD during the first quarter worth $46,159,000. ERGOTELES LLC invested $35,439,000 in shares of STT during the first quarter. In the first quarter, BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC acquired a new stake in State Street Corporation valued at approximately $14,907,000. TWINBEECH CAPITAL LP acquired a new stake in STT for approximately $13,448,000. TWIN TREE MANAGEMENT, LP purchased a new stake in STT valued at around $13,302,000 in the second quarter. In total, there are 1,238 active investors with 91.60% ownership of the company’s stock.
Wednesday’s opening bell rang with an opening price of $67.70 for State Street Corporation (NYSE: STT). During the past 12 months, State Street Corporation has had a low of $58.62 and a high of $94.74. The fifty day moving average price for STT is $72.32 and a two-hundred day moving average price translates $75.80 for the stock.
The latest earnings results from State Street Corporation (NYSE: STT) was released for Mar, 2023. According to the Asset Management Company, earnings per share came in at $1.52, missing analysts’ expectations of $1.64 by -0.12. This compares to $1.57 EPS in the same period last year. The net profit margin was 46.50% and return on equity was 11.10% for STT. The company reported revenue of $2.03 billion for the quarter, compared to $521.0 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 289.06 percent. For the current quarter, analysts expect STT to generate $3.14B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 07/13/2023. Investors who held shares on 07/03/2023 were paid a $0.63 dividend. On an annualized basis, this represents a $2.52 dividend and a 3.76% percent yield. There was an ex-dividend date of 06/30/2023 for this dividend. In terms of dividend payout ratio, STT is presently at 33.20%.
State Street Corporation(STT) 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, 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; foreign exchange, and 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. It also engages in the provision of portfolio management and risk analytics, as well as trading and post-trade settlement services with integrated compliance and managed data. In addition, the company offers investment management strategies and products, such as core and enhanced indexing, multi-asset strategies, active quantitative and fundamental active capabilities, and alternative investment strategies. Further, it provides services and solutions, including environmental, social, and governance investing; defined benefit and defined contribution; and global fiduciary solutions, as well as exchange-traded funds under the SPDR ETF brand. The company provides its products and services to mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments, and investment managers. State Street Corporation was founded in 1792 and is headquartered in Boston, Massachusetts.
