Analysts Set State Street Co. (NYSE:STT) Price Target at $88.89

Shares of State Street Co. (NYSE:STT) have been given an average recommendation of “Hold” by the thirteen analysts that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $88.89.

Several analysts have recently commented on STT shares. Wolfe Research reiterated an “underperform” rating and issued a $73.00 target price on shares of State Street in a report on Monday, July 8th. The Goldman Sachs Group raised their price objective on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Barclays raised their price objective on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Morgan Stanley raised their price objective on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 17th.

Hedge Funds Weigh In On State Street

A number of large investors have recently modified their holdings of STT. Envestnet Portfolio Solutions Inc. boosted its position in shares of State Street by 6.5% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,443 shares of the asset manager’s stock valued at $577,000 after acquiring an additional 456 shares during the period. Brown Advisory Inc. boosted its position in shares of State Street by 2.5% in the fourth quarter. Brown Advisory Inc. now owns 18,993 shares of the asset manager’s stock valued at $1,471,000 after acquiring an additional 467 shares during the period. Norges Bank bought a new position in shares of State Street in the fourth quarter valued at approximately $147,421,000. Coldstream Capital Management Inc. lifted its position in State Street by 4.3% during the fourth quarter. Coldstream Capital Management Inc. now owns 4,132 shares of the asset manager’s stock valued at $320,000 after purchasing an additional 170 shares during the last quarter. Finally, Thoroughbred Financial Services LLC lifted its position in State Street by 14.3% during the fourth quarter. Thoroughbred Financial Services LLC now owns 5,218 shares of the asset manager’s stock valued at $404,000 after purchasing an additional 654 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Performance

Shares of STT stock opened at $88.50 on Tuesday. The firm has a 50-day moving average of $83.19 and a 200-day moving average of $77.51. The company has a market cap of $26.43 billion, a P/E ratio of 16.57, a P/E/G ratio of 1.38 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. State Street has a one year low of $62.78 and a one year high of $89.42.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating the consensus estimate of $2.03 by $0.12. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.17 earnings per share. Equities research analysts forecast that State Street will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This is an increase from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.44%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

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.