State Street (NYSE:STT) Price Target Increased to $98.00 by Analysts at Wells Fargo & Company

State Street (NYSE:STT) had its price target hoisted by Wells Fargo & Company from $91.00 to $98.00 in a research report released on Wednesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the asset manager’s stock.

Several other research analysts also recently commented on STT. UBS Group lifted their target price on State Street from $80.00 to $82.00 and gave the stock a neutral rating in a report on Friday, April 12th. The Goldman Sachs Group lifted their price objective on State Street from $89.00 to $98.00 and gave the stock a buy rating in a research report on Wednesday. Royal Bank of Canada lifted their price objective on State Street from $85.00 to $91.00 and gave the stock a sector perform rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price objective on State Street from $75.00 to $80.00 and gave the stock a hold rating in a research report on Wednesday. Finally, Wolfe Research reissued an underperform rating and issued a $73.00 price objective on shares of State Street in a research report on Monday, July 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, State Street has an average rating of Hold and a consensus price target of $88.88.

State Street Trading Up 0.2 %

NYSE STT opened at $84.49 on Wednesday. The company has a quick ratio of 0.61, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street has a twelve month low of $62.78 and a twelve month high of $86.24. The company has a market cap of $25.45 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 1.40 and a beta of 1.48. The business’s fifty day moving average is $75.32 and its 200 day moving average is $74.72.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. State Street’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the business posted $2.17 EPS. As a group, sell-side analysts expect that State Street will post 8.04 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is presently 51.69%.

Hedge Funds Weigh In On State Street

A number of hedge funds and other institutional investors have recently modified their holdings of STT. LRI Investments LLC purchased a new position in State Street in the first quarter valued at approximately $25,000. CVA Family Office LLC purchased a new position in State Street in the fourth quarter valued at approximately $27,000. Venturi Wealth Management LLC lifted its stake in State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in State Street in the fourth quarter valued at approximately $35,000. Finally, Norwood Financial Corp purchased a new position in State Street in the first quarter valued at approximately $35,000. 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.