State Street (NYSE:STT) Price Target Raised to $90.00

State Street (NYSE:STT) had its price objective increased by Morgan Stanley from $89.00 to $90.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the asset manager’s stock.

Several other equities analysts have also commented on STT. Royal Bank of Canada upped their price target on shares of State Street from $75.00 to $85.00 and gave the stock a sector perform rating in a research report on Monday, January 22nd. The Goldman Sachs Group raised shares of State Street from a neutral rating to a buy rating and increased their price objective for the stock from $69.00 to $92.00 in a research report on Wednesday, January 3rd. JPMorgan Chase & Co. increased their price objective on shares of State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Evercore ISI upped their target price on shares of State Street from $85.00 to $88.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Finally, Argus upped their target price on shares of State Street from $84.00 to $86.00 and gave the company a buy rating in a research note on Monday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $84.04.

State Street Stock Performance

Shares of STT opened at $72.81 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61. The company has a market capitalization of $21.98 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 1.40 and a beta of 1.52. The company’s 50 day simple moving average is $73.97 and its 200 day simple moving average is $72.37. State Street has a 1 year low of $62.78 and a 1 year high of $79.90.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, topping the consensus estimate of $1.83 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the prior year, the business posted $2.07 earnings per share. State Street’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, sell-side analysts predict that State Street will post 7.87 EPS for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were given a $0.69 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.79%. State Street’s payout ratio is currently 51.69%.

Insider Transactions at State Street

In other news, EVP Anthony Bisegna sold 4,258 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the transaction, the executive vice president now directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Anthony Bisegna sold 4,258 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the sale, the executive vice president now owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the sale, the chief financial officer now directly owns 149,063 shares in the company, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,864 shares of company stock worth $1,390,597. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On State Street

Several hedge funds have recently made changes to their positions in STT. Dagco Inc. acquired a new position in shares of State Street in the fourth quarter worth about $26,000. CVA Family Office LLC acquired a new position in shares of State Street in the fourth quarter worth about $27,000. Venturi Wealth Management LLC boosted its holdings in shares of State Street by 92.5% during the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after purchasing an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of State Street during the fourth quarter worth approximately $35,000. Finally, Norwood Financial Corp acquired a new stake in shares of State Street during the first quarter worth approximately $35,000. 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.