State Street (NYSE:STT) Given New $90.00 Price Target at Morgan Stanley

State Street (NYSE:STT) had its target price raised by Morgan Stanley from $89.00 to $90.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the asset manager’s stock.

A number of other research analysts also recently weighed in on STT. Bank of America reissued an underperform rating and issued a $81.00 target price on shares of State Street in a report on Thursday, January 4th. Evercore ISI increased their target price on State Street from $85.00 to $88.00 and gave the company an outperform rating in a report on Thursday, April 4th. Barclays raised their price objective on State Street from $87.00 to $102.00 and gave the stock an overweight rating in a research note on Tuesday, January 2nd. UBS Group raised their price objective on State Street from $80.00 to $82.00 and gave the stock a neutral rating in a research note on Friday, April 12th. Finally, JPMorgan Chase & Co. raised their price objective on State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, State Street currently has a consensus rating of Hold and a consensus target price of $84.04.

State Street Trading Down 0.3 %

Shares of NYSE:STT opened at $72.81 on Monday. State Street has a 1 year low of $62.78 and a 1 year high of $79.90. The stock’s fifty day moving average price is $73.97 and its 200-day moving average price is $72.37. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. The company has a market cap of $21.98 billion, a P/E ratio of 13.63, a PEG ratio of 1.40 and a beta of 1.52.

State Street (NYSE:STT) last posted its earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the prior year, the company earned $2.07 earnings per share. State Street’s revenue was down 3.5% on a year-over-year basis. Sell-side analysts expect that State Street will post 7.87 earnings per share for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders 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 3.79%. The ex-dividend date was Thursday, March 28th. State Street’s dividend payout ratio is presently 51.69%.

Insider Buying and Selling at State Street

In other State Street news, EVP Anthony Bisegna sold 4,258 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now owns 23,328 shares in the company, valued at approximately $1,717,873.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the firm’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 owns 149,063 shares in the company, valued at approximately $11,015,755.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Anthony Bisegna sold 4,258 shares of the firm’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 completion of the sale, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock worth $1,390,597 in the last quarter. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On State Street

Several institutional investors have recently modified their holdings of the stock. Symmetry Partners LLC lifted its stake in shares of State Street by 3.5% in the 1st quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after purchasing an additional 130 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of State Street by 24.9% in the 2nd quarter. IFP Advisors Inc now owns 733 shares of the asset manager’s stock valued at $54,000 after purchasing an additional 146 shares during the last quarter. First Manhattan Co. lifted its stake in shares of State Street by 7.5% in the 4th quarter. First Manhattan Co. now owns 2,119 shares of the asset manager’s stock valued at $164,000 after purchasing an additional 148 shares during the last quarter. Apollon Wealth Management LLC lifted its stake in shares of State Street by 1.8% in the 4th quarter. Apollon Wealth Management LLC now owns 8,337 shares of the asset manager’s stock valued at $647,000 after purchasing an additional 149 shares during the last quarter. Finally, Tompkins Financial Corp lifted its stake in shares of State Street by 28.3% in the 1st quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after purchasing an additional 150 shares during the last quarter. 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.