Bank of America Forecasts Strong Price Appreciation for State Street (NYSE:STT) Stock

State Street (NYSE:STT) had its target price hoisted by Bank of America from $106.00 to $109.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has an underperform rating on the asset manager’s stock.

A number of other analysts have also weighed in on the stock. Wells Fargo & Company upped their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Citigroup upped their price objective on shares of State Street from $100.00 to $115.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 2nd. Cfra Research lowered shares of State Street from a “moderate buy” rating to a “hold” rating in a research report on Thursday, May 29th. Evercore ISI increased their price target on shares of State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Finally, The Goldman Sachs Group increased their price target on shares of State Street from $98.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, State Street currently has a consensus rating of “Hold” and a consensus price target of $112.00.

State Street Trading Up 0.9%

NYSE STT opened at $108.50 on Wednesday. The company’s 50-day moving average price is $101.31 and its 200-day moving average price is $95.24. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $30.94 billion, a PE ratio of 12.15, a PEG ratio of 1.20 and a beta of 1.45. State Street has a 12 month low of $72.81 and a 12 month high of $110.97.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.15 earnings per share. Equities research analysts forecast that State Street will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is a boost from State Street’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.10%. State Street’s dividend payout ratio (DPR) is presently 34.04%.

Insider Activity at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer owned 7,354 shares of the company’s stock, valued at $667,154.88. This trade represents a 15.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

Institutional investors have recently added to or reduced their stakes in the stock. McAdam LLC boosted its stake in shares of State Street by 1.7% in the second quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock worth $707,000 after acquiring an additional 111 shares during the last quarter. Meeder Advisory Services Inc. boosted its stake in State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock worth $515,000 after purchasing an additional 114 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock worth $395,000 after purchasing an additional 118 shares during the last quarter. Larson Financial Group LLC boosted its stake in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock worth $201,000 after purchasing an additional 126 shares during the last quarter. Institutional investors and hedge funds 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.