Morgan Stanley Boosts State Street (NYSE:STT) Price Target to $100.00

State Street (NYSE:STT) had its target price lifted by Morgan Stanley from $93.00 to $100.00 in a report released on Monday morning, Benzinga reports. They currently have an equal weight rating on the asset manager’s stock.

Several other analysts also recently weighed in on STT. Keefe, Bruyette & Woods dropped their target price on shares of State Street from $88.00 to $84.00 and set a market perform rating on the stock in a research report on Thursday, June 27th. Wells Fargo & Company boosted their price objective on shares of State Street from $91.00 to $98.00 and gave the company an overweight rating in a report on Wednesday, July 17th. Royal Bank of Canada raised their target price on State Street from $85.00 to $91.00 and gave the stock a sector perform rating in a research note on Wednesday, July 17th. Barclays boosted their price target on State Street from $102.00 to $103.00 and gave the company an overweight rating in a research note on Wednesday, July 17th. Finally, Bank of America raised their price objective on State Street from $85.00 to $96.00 and gave the stock an underperform rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, State Street presently has a consensus rating of Hold and an average price target of $90.11.

State Street Trading Down 0.8 %

NYSE:STT opened at $85.98 on Monday. The firm has a 50 day moving average of $83.89 and a 200 day moving average of $78.38. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street has a 52 week low of $62.78 and a 52 week high of $89.49. The stock has a market capitalization of $25.90 billion, a price-to-earnings ratio of 16.10, a PEG ratio of 1.36 and a beta of 1.48.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.12. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.17 EPS. As a group, sell-side analysts anticipate that State Street will post 8.17 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Tuesday, October 1st. State Street’s payout ratio is currently 56.93%.

Institutional Investors Weigh In On State Street

Several hedge funds have recently modified their holdings of STT. Sumitomo Mitsui Trust Holdings Inc. boosted its position in State Street by 4.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after purchasing an additional 40,835 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of State Street by 3.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after buying an additional 6,363 shares in the last quarter. M&G Plc acquired a new stake in State Street in the 1st quarter valued at $7,626,000. Public Employees Retirement Association of Colorado increased its holdings in State Street by 298.6% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock worth $2,935,000 after acquiring an additional 28,382 shares in the last quarter. Finally, Cetera Investment Advisers raised its position in State Street by 127.8% during the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after acquiring an additional 24,906 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

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, 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.