State Street (NYSE:STT) Price Target Raised to $91.00

State Street (NYSE:STT) had its price objective raised by Evercore ISI from $88.00 to $91.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the asset manager’s stock.

Several other analysts have also recently weighed in on STT. Argus raised their price target on State Street from $84.00 to $86.00 and gave the company a buy rating in a report on Monday, April 15th. Bank of America raised their price objective on State Street from $85.00 to $96.00 and gave the company an underperform rating in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on State Street from $79.50 to $80.50 in a report on Friday, April 12th. Royal Bank of Canada raised their price objective on State Street from $85.00 to $91.00 and gave the company a sector perform rating in a report on Wednesday. Finally, UBS Group raised their price objective on State Street from $80.00 to $82.00 and gave the company a neutral rating in a report on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $88.88.

State Street Stock Performance

Shares of STT opened at $84.49 on Wednesday. The stock’s 50-day simple moving average is $75.32 and its 200 day simple moving average is $74.72. The stock has a market capitalization of $25.45 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 1.40 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.61 and a current ratio of 0.54. State Street has a 52-week low of $62.78 and a 52-week high of $86.24.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter last year, the firm posted $2.17 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. Research analysts forecast that State Street will post 8.04 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.60%. State Street’s payout ratio is presently 51.69%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Symmetry Partners LLC raised its stake in State Street by 3.5% during the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after buying an additional 130 shares during the last quarter. HB Wealth Management LLC raised its stake in shares of State Street by 3.4% in the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after purchasing an additional 140 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its stake in shares of State Street by 9.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after purchasing an additional 148 shares during the last quarter. Tompkins Financial Corp raised its stake in shares of State Street by 28.3% in the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock worth $53,000 after purchasing an additional 150 shares during the last quarter. Finally, Mather Group LLC. raised its stake in shares of State Street by 10.9% in the second quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock worth $125,000 after purchasing an additional 158 shares during the last quarter. Hedge funds and other 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.