Bank of America Issues Positive Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its price target raised by Bank of America from $98.00 to $99.00 in a research note published on Wednesday,Benzinga reports. Bank of America currently has an underperform rating on the asset manager’s stock.

A number of other brokerages also recently commented on STT. Evercore ISI decreased their price objective on shares of State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a research report on Tuesday. Citigroup lowered their price target on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Finally, Barclays increased their price target on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $102.07.

State Street Stock Performance

Shares of NYSE STT opened at $89.67 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a 50 day moving average price of $94.85 and a 200 day moving average price of $94.62. The stock has a market capitalization of $25.87 billion, a PE ratio of 10.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. State Street has a 52 week low of $70.20 and a 52 week high of $103.00.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.04 EPS. Analysts predict that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.39%. State Street’s dividend payout ratio (DPR) is 36.89%.

Insider Transactions at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Hedge Funds Weigh In On State Street

Hedge funds have recently made changes to their positions in the stock. Albion Financial Group UT acquired a new stake in State Street during the 4th quarter valued at approximately $25,000. Y.D. More Investments Ltd boosted its stake in shares of State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in shares of State Street in the 4th quarter valued at $42,000. Coppell Advisory Solutions LLC increased its position in shares of State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after buying an additional 412 shares during the period. Finally, Loomis Sayles & Co. L P raised its stake in State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after buying an additional 311 shares during the last quarter. 87.44% of the stock is currently 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.