State Street (NYSE:STT) PT Raised to $98.00 at The Goldman Sachs Group

State Street (NYSE:STT) had its price objective lifted by The Goldman Sachs Group from $89.00 to $98.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a buy rating on the asset manager’s stock.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. increased their target price on shares of State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Royal Bank of Canada boosted their target price on State Street from $85.00 to $91.00 and gave the company a sector perform rating in a research note on Wednesday. Keefe, Bruyette & Woods cut their price target on State Street from $88.00 to $84.00 and set a market perform rating for the company in a research note on Thursday, June 27th. Evercore ISI boosted their price target on State Street from $88.00 to $91.00 and gave the company an outperform rating in a research note on Wednesday. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $90.00 price objective on shares of State Street in a research report on Wednesday, June 12th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, State Street has a consensus rating of Hold and an average target price of $88.88.

State Street Price Performance

Shares of NYSE:STT opened at $84.49 on Wednesday. The company has a market cap of $25.45 billion, a P/E ratio of 15.82, a price-to-earnings-growth ratio of 1.32 and a beta of 1.48. The company’s fifty day moving average is $75.32 and its two-hundred day moving average is $74.70. 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 12-month low of $62.78 and a 12-month high of $86.24.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $2.17 EPS. Equities analysts expect that State Street will post 8.11 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.76 per share. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio is currently 51.69%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. American Century Companies Inc. lifted its position in shares of State Street by 10.2% during the 3rd quarter. American Century Companies Inc. now owns 338,887 shares of the asset manager’s stock worth $22,692,000 after purchasing an additional 31,365 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of State Street in the fourth quarter valued at approximately $51,000. Ferguson Wellman Capital Management Inc. increased its position in State Street by 3.7% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock worth $37,522,000 after acquiring an additional 17,270 shares during the period. Klein Pavlis & Peasley Financial Inc. bought a new position in State Street during the fourth quarter worth $557,000. Finally, Premier Path Wealth Partners LLC bought a new stake in State Street in the 4th quarter valued at $216,000. 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.