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

State Street (NYSE:STT) had its target price boosted by Evercore ISI from $88.00 to $91.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the asset manager’s stock.

Other analysts have also issued research reports about the stock. Wolfe Research reaffirmed an underperform rating and set a $73.00 price objective on shares of State Street in a report on Monday, July 8th. UBS Group raised their price objective on shares of State Street from $80.00 to $82.00 and gave the stock a neutral rating in a report on Friday, April 12th. Argus raised their price objective on shares of State Street from $84.00 to $86.00 and gave the stock a buy rating in a report on Monday, April 15th. Morgan Stanley reaffirmed an equal weight rating and set a $90.00 price objective on shares of State Street in a report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, State Street currently has an average rating of Hold and an average price target of $88.88.

State Street Stock Performance

NYSE:STT opened at $84.49 on Wednesday. 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 firm has a market capitalization 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. The firm has a 50-day moving average price of $75.32 and a 200 day moving average price of $74.70.

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

State Street Increases Dividend

The firm 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. The ex-dividend date is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.60%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Hedge Funds Weigh In On State Street

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Symmetry Partners LLC boosted its position in shares of State Street by 3.5% during the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after purchasing an additional 130 shares in the last quarter. HB Wealth Management LLC boosted its position in shares of State Street by 3.4% during the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after purchasing an additional 140 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of State Street by 9.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after purchasing an additional 148 shares in the last quarter. Tompkins Financial Corp boosted its position in shares of State Street by 28.3% during the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock worth $53,000 after purchasing an additional 150 shares in the last quarter. Finally, Mather Group LLC. boosted its position in shares of State Street by 10.9% during the second quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock worth $125,000 after purchasing an additional 158 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

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.