Morgan Stanley Raises State Street (NYSE:STT) Price Target to $114.00

State Street (NYSE:STT - Free Report) had its price objective increased by Morgan Stanley from $110.00 to $114.00 in a research note published on Tuesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the asset manager's stock.

Several other equities research analysts have also commented on STT. Evercore ISI cut their price target on shares of State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Wells Fargo & Company reduced their price target on shares of State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Truist Financial upgraded State Street from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $85.00 to $112.00 in a report on Wednesday, May 28th. Keefe, Bruyette & Woods cut their price objective on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Finally, The Goldman Sachs Group set a $98.00 target price on State Street and gave the company a "buy" rating in a research report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $105.69.

State Street Price Performance

Shares of State Street stock traded up $2.55 during trading hours on Tuesday, reaching $109.51. The stock had a trading volume of 1,972,850 shares, compared to its average volume of 2,090,832. The stock's 50 day moving average is $96.38 and its 200 day moving average is $94.29. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07. State Street has a twelve month low of $72.65 and a twelve month high of $109.69. The firm has a market capitalization of $31.23 billion, a PE ratio of 12.29, a PEG ratio of 1.24 and a beta of 1.45.

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. State Street had a return on equity of 12.79% and a net margin of 12.85%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter in the prior year, the business posted $1.69 earnings per share. Equities analysts expect that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 annualized dividend and a yield of 2.78%. State Street's dividend payout ratio (DPR) is 34.12%.

Insider Activity

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer owned 7,354 shares of the company's stock, valued at $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On State Street

Hedge funds have recently added to or reduced their stakes in the stock. First Pacific Financial acquired a new stake in shares of State Street during the first quarter worth about $25,000. Capital Analysts LLC increased its holdings in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC increased its stake in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of State Street in the 4th quarter worth $42,000. Finally, Coppell Advisory Solutions LLC boosted its holdings in shares of State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after acquiring an additional 412 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other 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.