State Street (NYSE:STT) Price Target Raised to $80.50

State Street (NYSE:STT) had its price objective increased by JPMorgan Chase & Co. from $79.50 to $80.50 in a report issued on Friday.

Several other research firms have also issued reports on STT. Barclays increased their price target on shares of State Street from $87.00 to $102.00 and gave the stock an overweight rating in a research report on Tuesday, January 2nd. The Goldman Sachs Group upgraded shares of State Street from a neutral rating to a buy rating and raised their target price for the company from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Bank of America restated an underperform rating and issued a $81.00 target price on shares of State Street in a research report on Thursday, January 4th. Evercore ISI raised their price target on shares of State Street from $85.00 to $88.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Finally, UBS Group raised their price target on shares of State Street from $80.00 to $82.00 and gave the company a neutral rating in a research note on Friday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $84.04.

State Street Stock Performance

Shares of NYSE:STT opened at $74.93 on Friday. The company’s 50 day moving average price is $73.96 and its two-hundred day moving average price is $72.32. State Street has a 12-month low of $62.78 and a 12-month high of $79.90. The firm has a market cap of $22.62 billion, a PE ratio of 14.03, a PEG ratio of 1.42 and a beta of 1.52. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90.

State Street (NYSE:STT) last announced its earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $2.95 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.07 EPS. Equities research analysts predict that State Street will post 7.85 earnings per share for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Insider Buying and Selling

In other State Street news, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the sale, the executive vice president now owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Anthony Bisegna sold 4,258 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the sale, the executive vice president now owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,864 shares of company stock worth $1,390,597. 0.31% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

Institutional investors have recently added to or reduced their stakes in the company. Dagco Inc. purchased a new stake in State Street during the 4th quarter valued at $26,000. CVA Family Office LLC bought a new position in State Street in the 4th quarter worth $27,000. Venturi Wealth Management LLC increased its stake in shares of State Street by 92.5% in the 4th 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 position in shares of State Street in the 4th quarter worth about $35,000. Finally, Accent Capital Management LLC bought a new position in shares of State Street in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.