State Street (NYSE:STT) Price Target Increased to $93.00 by Analysts at Morgan Stanley

State Street (NYSE:STT) had its target price boosted by Morgan Stanley from $90.00 to $93.00 in a report published on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the asset manager’s stock.

STT has been the topic of a number of other reports. The Goldman Sachs Group upped their target price on shares of State Street from $89.00 to $98.00 and gave the stock a buy rating in a research report on Wednesday. Argus upped their target price on shares of State Street from $84.00 to $86.00 and gave the stock a buy rating in a research report on Monday, April 15th. Wolfe Research reiterated an underperform rating and set a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Bank of America increased their price objective on shares of State Street from $85.00 to $96.00 and gave the company an underperform rating in a report on Wednesday. Finally, Royal Bank of Canada increased their price objective on shares of State Street from $85.00 to $91.00 and gave the company a sector perform rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, State Street currently has a consensus rating of Hold and an average price target of $88.88.

State Street Price Performance

NYSE:STT opened at $84.49 on Wednesday. The firm has a market cap of $25.45 billion, a PE ratio of 15.82, a price-to-earnings-growth ratio of 1.32 and a beta of 1.48. State Street has a 12 month low of $62.78 and a 12 month high of $86.24. The company has a quick ratio of 0.61, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The company’s 50-day moving average price is $75.32 and its two-hundred day moving average price is $74.70.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same period in the prior year, the business earned $2.17 earnings per share. State Street’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities analysts anticipate that State Street will post 8.11 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is presently 51.69%.

Institutional Investors Weigh In On State Street

Large investors have recently bought and sold shares of the company. LRI Investments LLC bought a new stake in State Street in the first quarter valued at approximately $25,000. CVA Family Office LLC bought a new stake in shares of State Street during the fourth quarter worth $27,000. Venturi Wealth Management LLC increased its position 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 acquiring an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of State Street during the fourth quarter worth $35,000. Finally, Norwood Financial Corp bought a new stake in shares of State Street during the first quarter worth $35,000. 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.