State Street (NYSE:STT) Price Target Raised to $115.00

State Street (NYSE:STT) had its price objective upped by Evercore ISI from $102.00 to $115.00 in a report published on Wednesday,Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

A number of other equities research analysts also recently weighed in on STT. Citigroup dropped their price target on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. The Goldman Sachs Group set a $98.00 price target on shares of State Street and gave the stock a “buy” rating in a research note on Thursday, April 17th. Wells Fargo & Company dropped their price target on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Morgan Stanley increased their target price on shares of State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Barclays cut their target price on shares of State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $106.46.

State Street Trading Up 0.7%

STT opened at $110.31 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. The company has a market cap of $31.46 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.28 and a beta of 1.45. The firm has a 50 day simple moving average of $97.77 and a 200 day simple moving average of $94.54. State Street has a fifty-two week low of $72.65 and a fifty-two week high of $110.80.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.06. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. State Street had a net margin of 12.85% and a return on equity of 12.79%. During the same period in the previous year, the firm posted $1.69 earnings per share. On average, sell-side analysts anticipate that State Street will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street’s dividend payout ratio is 34.12%.

Insider Activity

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares of the company’s stock, valued at $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On State Street

Large investors have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of State Street by 3.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock worth $44,725,000 after acquiring an additional 14,476 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after acquiring an additional 10,404 shares in the last quarter. Stonegate Investment Group LLC bought a new stake in shares of State Street during the first quarter worth $487,000. Bank of Montreal Can increased its position in shares of State Street by 54.6% during the fourth quarter. Bank of Montreal Can now owns 720,909 shares of the asset manager’s stock worth $70,757,000 after acquiring an additional 254,510 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of State Street during the fourth quarter worth $44,070,000. Institutional investors own 87.44% 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, 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.