State Street (NYSE:STT) Price Target Raised to $100.00

State Street (NYSE:STT) had its target price upped by Morgan Stanley from $93.00 to $100.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the asset manager’s stock.

STT has been the subject of several other reports. Evercore ISI increased their price objective on State Street from $88.00 to $91.00 and gave the company an outperform rating in a report on Wednesday, July 17th. Bank of America increased their price objective on State Street from $85.00 to $96.00 and gave the company an underperform rating in a report on Wednesday, July 17th. Wells Fargo & Company increased their price objective on State Street from $91.00 to $98.00 and gave the company an overweight rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft increased their price objective on State Street from $79.00 to $87.00 and gave the company a hold rating in a report on Monday, September 23rd. Finally, Barclays increased their price objective on State Street from $102.00 to $103.00 and gave the company an overweight rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street has a consensus rating of Hold and a consensus target price of $90.11.

State Street Stock Performance

Shares of STT opened at $85.96 on Monday. The stock has a 50 day moving average price of $83.91 and a 200 day moving average price of $78.43. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $25.90 billion, a price-to-earnings ratio of 16.10, a price-to-earnings-growth ratio of 1.36 and a beta of 1.48. State Street has a 52-week low of $62.78 and a 52-week high of $89.49.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.17 earnings per share. Research analysts predict that State Street will post 8.17 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a $0.76 dividend. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 annualized dividend and a yield of 3.54%. State Street’s dividend payout ratio is presently 56.93%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in STT. LRI Investments LLC purchased a new position in shares of State Street in the first quarter valued at $25,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of State Street in the second quarter valued at $27,000. Norwood Financial Corp purchased a new position in shares of State Street in the first quarter valued at $35,000. Versant Capital Management Inc increased its position in shares of State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after buying an additional 416 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new position in shares of State Street in the fourth quarter valued at $39,000. Hedge funds and other 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.