Evercore ISI Increases State Street (NYSE:STT) Price Target to $91.00

State Street (NYSE:STT) had its price objective lifted by Evercore ISI from $88.00 to $91.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the asset manager’s stock.

STT has been the topic of a number of other reports. Morgan Stanley reaffirmed an equal weight rating and set a $90.00 price objective on shares of State Street in a research report on Wednesday, June 12th. Bank of America lifted their price objective on State Street from $85.00 to $96.00 and gave the company an underperform rating in a research report on Wednesday. UBS Group boosted their price target on State Street from $80.00 to $82.00 and gave the stock a neutral rating in a report on Friday, April 12th. Argus boosted their price target on State Street from $84.00 to $86.00 and gave the stock a buy rating in a report on Monday, April 15th. Finally, Wolfe Research reissued an underperform rating and issued a $73.00 price target on shares of State Street in a report on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $88.88.

State Street Trading Up 0.2 %

Shares of NYSE:STT opened at $84.49 on Wednesday. The stock has a market capitalization of $25.45 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 1.32 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.61 and a current ratio of 0.54. The stock’s 50-day simple moving average is $75.32 and its two-hundred day simple moving average is $74.70. State Street has a 52-week low of $62.78 and a 52-week high of $86.24.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the previous year, the firm earned $2.17 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis. Analysts expect that State Street will post 8.11 EPS for the current year.

State Street Increases Dividend

The company also recently disclosed 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 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 dividend on an annualized basis and a yield of 3.60%. State Street’s payout ratio is presently 51.69%.

Hedge Funds Weigh In On State Street

Several large investors have recently modified their holdings of STT. LRI Investments LLC bought a new position in shares of State Street during the 1st quarter valued at approximately $25,000. CVA Family Office LLC bought a new position in shares of State Street during the 4th quarter valued at approximately $27,000. Venturi Wealth Management LLC grew its position in State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in State Street in the 4th quarter valued at $35,000. Finally, Norwood Financial Corp bought a new position in State Street in the 1st quarter valued at $35,000. 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.