State Street (NYSE:STT) Price Target Raised to $109.00

State Street (NYSE:STT) had its price objective upped by Bank of America from $106.00 to $109.00 in a research note issued to investors 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 commented on STT. Evercore ISI lifted their price target on shares of State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 2nd. The Goldman Sachs Group increased their price target on shares of State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Truist Financial upped their price objective on State Street from $112.00 to $122.00 and gave the stock a “buy” rating in a research note on Thursday, July 3rd. Citigroup boosted their price target on State Street from $100.00 to $115.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley boosted their price objective on State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $112.00.

State Street Price Performance

STT stock opened at $108.50 on Wednesday. The firm has a market cap of $30.94 billion, a P/E ratio of 12.15, a P/E/G ratio of 1.20 and a beta of 1.45. State Street has a 52 week low of $72.81 and a 52 week high of $110.97. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The firm’s fifty day moving average is $101.31 and its 200 day moving average is $95.24.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion during 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%. State Street’s revenue was up 2.9% on a year-over-year basis. During the same period last year, the company posted $2.15 EPS. Research analysts predict that State Street will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s payout ratio is 34.04%.

Insider Activity at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On State Street

Several large investors have recently bought and sold shares of STT. Cantor Fitzgerald Investment Advisors L.P. increased its position in State Street by 1.6% during the second quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 68,672 shares of the asset manager’s stock valued at $7,303,000 after acquiring an additional 1,072 shares during the last quarter. Trust Co. of Vermont increased its position in State Street by 21.2% during the second quarter. Trust Co. of Vermont now owns 2,289 shares of the asset manager’s stock valued at $243,000 after acquiring an additional 400 shares during the last quarter. Robbins Farley increased its position in State Street by 20.7% during the second quarter. Robbins Farley now owns 10,162 shares of the asset manager’s stock valued at $1,081,000 after acquiring an additional 1,745 shares during the last quarter. Greenleaf Trust increased its position in State Street by 3.8% during the second quarter. Greenleaf Trust now owns 17,057 shares of the asset manager’s stock valued at $1,814,000 after acquiring an additional 625 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its position in State Street by 1.8% during the second quarter. Janney Montgomery Scott LLC now owns 72,459 shares of the asset manager’s stock valued at $7,705,000 after acquiring an additional 1,305 shares during the last quarter. 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.