State Street (NYSE:STT) Given New $111.00 Price Target at The Goldman Sachs Group

State Street (NYSE:STT - Free Report) had its target price hoisted by The Goldman Sachs Group from $98.00 to $111.00 in a report issued on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the asset manager's stock.

STT has been the topic of a number of other reports. Citigroup lifted their price target on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday. Bank of America upped their target price on shares of State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 2nd. Evercore ISI lifted their price target on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday. Keefe, Bruyette & Woods decreased their price target on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Finally, Cfra Research downgraded State Street from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street currently has an average rating of "Hold" and an average price target of $106.46.

State Street Stock Performance

NYSE:STT traded up $0.82 during midday trading on Wednesday, reaching $110.31. The stock had a trading volume of 1,166,677 shares, compared to its average volume of 2,106,368. The stock has a market cap of $31.46 billion, a P/E ratio of 12.38, a P/E/G ratio of 1.25 and a beta of 1.45. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. State Street has a 12-month low of $72.65 and a 12-month high of $110.65. The firm has a fifty day simple moving average of $96.86 and a two-hundred day simple moving average of $94.40.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.98 by $0.06. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. State Street had a net margin of 12.85% and a return on equity of 12.79%. During the same period in the previous year, the business posted $1.69 earnings per share. On average, equities analysts expect that State Street will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be given a $0.76 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $3.04 annualized dividend and a dividend yield of 2.76%. State Street's dividend payout ratio is currently 34.12%.

Insider Activity at State Street

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

Institutional Investors Weigh In On State Street

A number of hedge funds and other institutional investors have recently modified their holdings of STT. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in State Street by 3.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock worth $44,725,000 after acquiring an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after purchasing an additional 10,404 shares during the last quarter. Stonegate Investment Group LLC purchased a new stake in shares of State Street in the first quarter valued at $487,000. Bank of Montreal Can increased its stake in State Street by 54.6% in the fourth quarter. Bank of Montreal Can now owns 720,909 shares of the asset manager's stock valued at $70,757,000 after purchasing an additional 254,510 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in State Street during the fourth quarter worth about $44,070,000. 87.44% of the stock is currently owned by hedge funds and other 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.