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

State Street (NYSE:STT - Free Report) had its target price boosted by Bank of America from $106.00 to $109.00 in a research note issued to investors on Wednesday,Benzinga reports. Bank of America currently has an underperform rating on the asset manager's stock.

A number of other equities analysts have also recently commented on the stock. Barclays dropped their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Truist Financial boosted their price objective on shares of State Street from $112.00 to $122.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Keefe, Bruyette & Woods dropped their target price on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Evercore ISI boosted their price objective on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Wells Fargo & Company increased their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $110.25.

State Street Price Performance

STT traded up $2.49 during trading on Wednesday, hitting $107.52. 1,912,534 shares of the company traded hands, compared to its average volume of 2,115,447. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07. The company has a market cap of $30.66 billion, a PE ratio of 12.04, a P/E/G ratio of 1.18 and a beta of 1.45. The stock's 50-day simple moving average is $100.75 and its two-hundred day simple moving average is $95.11. State Street has a 1 year low of $72.81 and a 1 year high of $110.97.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 13.08% and a net margin of 12.59%. The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.15 earnings per share. As a group, sell-side analysts anticipate that State Street will post 9.68 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 Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 3.13%. State Street's dividend payout ratio is presently 34.04%.

Insider Buying and Selling at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at approximately $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

A number of hedge funds and other institutional investors have recently made changes to their positions in STT. Principal Financial Group Inc. increased its holdings in State Street by 1.6% in the first quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $30,387,000 after buying an additional 5,242 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in State Street by 127.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after buying an additional 17,201 shares during the period. Index Fund Advisors Inc. purchased a new stake in State Street in the first quarter valued at approximately $505,000. Bank of New York Mellon Corp boosted its holdings in shares of State Street by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock valued at $195,764,000 after purchasing an additional 123,259 shares during the last quarter. Finally, Pacific Heights Asset Management LLC grew its position in State Street by 9.1% during the first quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock valued at $5,372,000 after acquiring an additional 5,000 shares during the period. Hedge funds and other 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.