Morgan Stanley Issues Positive Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its price target hoisted by Morgan Stanley from $107.00 to $110.00 in a report released on Tuesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the asset manager’s stock.

A number of other equities research analysts have also issued reports on the company. Barclays lowered their target price on State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Keefe, Bruyette & Woods lowered their target price on State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Cfra Research lowered State Street from a “moderate buy” rating to a “hold” rating in a research note on Thursday, May 29th. Wells Fargo & Company lowered their target price on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Finally, Evercore ISI lowered their target price on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average target price of $102.54.

State Street Stock Performance

State Street stock opened at $97.02 on Tuesday. The stock’s 50-day moving average is $88.96 and its 200-day moving average is $94.00. The company has a market cap of $27.67 billion, a price-to-earnings ratio of 11.77, a price-to-earnings-growth ratio of 1.11 and a beta of 1.45. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. State Street has a 12 month low of $70.20 and a 12 month high of $103.00.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same period last year, the business posted $1.69 EPS. Equities analysts anticipate that State Street will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Tuesday, July 1st. State Street’s dividend payout ratio is presently 34.12%.

Insiders Place Their Bets

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer now owns 7,354 shares of the company’s stock, valued at $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.

Institutional Trading of State Street

Hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of State Street by 3.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock worth $44,725,000 after purchasing an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of State Street by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after purchasing an additional 10,404 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of State Street by 54.6% in the 4th quarter. Bank of Montreal Can now owns 720,909 shares of the asset manager’s stock worth $70,757,000 after purchasing an additional 254,510 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of State Street in the 4th quarter worth approximately $44,070,000. Finally, Deutsche Bank AG lifted its holdings in shares of State Street by 2.9% in the 4th quarter. Deutsche Bank AG now owns 1,736,708 shares of the asset manager’s stock worth $170,458,000 after purchasing an additional 48,464 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

About State Street

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.