State Street (NYSE:STT) Price Target Raised to $99.00

State Street (NYSE:STT) had its price objective hoisted by Bank of America from $98.00 to $99.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an underperform rating on the asset manager’s stock.

Several other analysts also recently issued reports on STT. Morgan Stanley lowered their price target on State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Truist Financial dropped their target price on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 price target (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research report on Friday, December 20th. Finally, Wells Fargo & Company reduced their target price on shares of State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $101.07.

State Street Stock Performance

Shares of NYSE:STT opened at $76.23 on Wednesday. The business has a 50-day moving average of $94.09 and a two-hundred day moving average of $94.47. The firm has a market capitalization of $21.99 billion, a PE ratio of 9.25, a P/E/G ratio of 1.11 and a beta of 1.42. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. State Street has a 12 month low of $70.20 and a 12 month high of $103.00.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter last year, the firm posted $2.04 earnings per share. State Street’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, research analysts forecast that State Street will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.99%. State Street’s payout ratio is 36.89%.

Insider Buying and Selling

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

Several institutional investors have recently made changes to their positions in STT. Albion Financial Group UT bought a new position in State Street during the 4th quarter worth $25,000. Y.D. More Investments Ltd lifted its stake in State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after buying an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in shares of State Street during the fourth quarter valued at $42,000. Coppell Advisory Solutions LLC grew its position in shares of State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after acquiring an additional 412 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in shares of State Street by 187.3% in the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after acquiring an additional 311 shares during the period. 87.44% of the stock is owned by institutional investors.

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.