State Street (NYSE:STT) Stock Price Expected to Rise, Morgan Stanley Analyst Says

State Street (NYSE:STT - Free Report) had its price objective increased by Morgan Stanley from $107.00 to $110.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the asset manager's stock.

Several other equities analysts also recently commented on the company. Barclays cut their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Bank of America boosted their price target on State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 2nd. Wall Street Zen downgraded shares of State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Finally, Truist Financial upgraded State Street from a "hold" rating to a "buy" rating and boosted their price target for the company from $85.00 to $112.00 in a research note on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, State Street has an average rating of "Hold" and an average target price of $102.54.

State Street Stock Performance

Shares of State Street stock traded down $0.93 during trading hours on Tuesday, reaching $96.08. 1,068,624 shares of the stock traded hands, compared to its average volume of 2,126,080. The company has a 50 day moving average price of $88.96 and a 200 day moving average price of $94.00. State Street has a one year low of $70.20 and a one year high of $103.00. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $27.40 billion, a price-to-earnings ratio of 11.66, a P/E/G ratio of 1.11 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. The company had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period last year, the company posted $1.69 earnings per share. On average, equities research analysts expect that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Tuesday, July 1st. State Street's dividend payout ratio is currently 34.12%.

Insiders Place Their Bets

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction dated 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 now owns 7,354 shares in the company, valued at approximately $667,154.88. This represents a 15.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% 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 company. First Pacific Financial acquired a new stake in State Street in the first quarter valued at about $25,000. Capital Analysts LLC lifted its position 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 acquiring an additional 274 shares in the last quarter. Y.D. More Investments Ltd boosted its stake in shares of State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock worth $36,000 after purchasing an additional 197 shares during the last quarter. Larson Financial Group LLC grew 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 worth $36,000 after acquiring an additional 118 shares during the period. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of State Street in the fourth quarter valued at $42,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

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.