State Street (NYSE:STT) Price Target Raised to $100.00

State Street (NYSE:STT) had its target price hoisted by The Goldman Sachs Group from $98.00 to $100.00 in a research note issued to investors on Thursday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the asset manager’s stock.

A number of other equities research analysts also recently weighed in on the stock. Barclays raised their price target on shares of State Street from $102.00 to $103.00 and gave the company an overweight rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of State Street from $79.00 to $87.00 and gave the stock a hold rating in a research note on Monday, September 23rd. Wolfe Research reiterated an underperform rating and issued a $73.00 price target on shares of State Street in a research note on Monday, July 8th. Bank of America raised their price objective on State Street from $85.00 to $96.00 and gave the company an underperform rating in a report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods lowered their target price on State Street from $88.00 to $84.00 and set a market perform rating for the company in a report on Thursday, June 27th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $89.61.

State Street Stock Performance

NYSE STT opened at $88.20 on Thursday. The firm’s 50 day simple moving average is $83.69 and its 200 day simple moving average is $78.11. The firm has a market capitalization of $26.57 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 1.44 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street has a 1 year low of $62.78 and a 1 year high of $89.49.

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

State Street Increases Dividend

The company also recently disclosed 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 a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio is currently 56.93%.

Hedge Funds Weigh In On State Street

Hedge funds have recently bought and sold shares of the company. LRI Investments LLC acquired a new stake in State Street during the 1st quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in State Street during the second quarter worth approximately $27,000. Norwood Financial Corp bought a new stake in State Street in the first quarter worth approximately $35,000. Versant Capital Management Inc lifted its stake in State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after buying an additional 416 shares during the period. Finally, Accent Capital Management LLC bought a new position in shares of State Street during the 4th quarter worth approximately $39,000. 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.