State Street (NYSE:STT) Given New $109.00 Price Target at Bank of America

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

A number of other research firms have also issued reports on STT. Morgan Stanley increased their price target on shares of State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Wells Fargo & Company raised their price objective on shares of State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group raised their price objective 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. Citigroup raised their price objective on shares of State Street from $100.00 to $115.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. Finally, Evercore ISI raised their price objective 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $110.25.

State Street Price Performance

STT stock opened at $105.03 on Wednesday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07. State Street has a one year low of $72.81 and a one year high of $110.97. The firm has a market capitalization of $29.95 billion, a PE ratio of 11.76, a P/E/G ratio of 1.18 and a beta of 1.45. The firm has a 50-day moving average of $100.75 and a two-hundred day moving average of $95.11.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 13.08%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.15 earnings per share. On average, analysts forecast that State Street will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. This is a boost from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.20%. State Street’s dividend payout ratio (DPR) is 34.04%.

Insider Activity

In related news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer directly owned 7,354 shares in the company, valued at $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Trading of State Street

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Pacific Financial acquired a new position in shares of State Street during the 1st quarter worth about $25,000. Capital Analysts LLC grew its position in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC grew its position in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares during the period. Coppell Advisory Solutions LLC grew its position in shares of State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after purchasing an additional 412 shares during the period. Finally, Golden State Wealth Management LLC grew its position in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.