State Street (NYSE:STT) PT Lowered to $79.00

State Street (NYSE:STT) had its target price decreased by Deutsche Bank Aktiengesellschaft from $80.00 to $79.00 in a research note published on Thursday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the asset manager’s stock.

A number of other equities research analysts have also issued reports on the stock. Wolfe Research reissued an underperform rating and issued a $73.00 price target on shares of State Street in a report on Monday, July 8th. Keefe, Bruyette & Woods cut their target price on State Street from $88.00 to $84.00 and set a market perform rating on the stock in a research note on Thursday, June 27th. Wells Fargo & Company upped their price target on State Street from $91.00 to $98.00 and gave the company an overweight rating in a research report on Wednesday, July 17th. Barclays lifted their price objective on State Street from $102.00 to $103.00 and gave the stock an overweight rating in a research report on Wednesday, July 17th. Finally, Bank of America upped their target price on State Street from $85.00 to $96.00 and gave the company an underperform rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $88.89.

State Street Trading Up 0.8 %

NYSE STT opened at $81.18 on Thursday. The firm has a market cap of $24.46 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 1.22 and a beta of 1.48. State Street has a 1-year low of $62.78 and a 1-year high of $86.25. The stock has a 50-day moving average of $77.54 and a 200-day moving average of $75.46. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last announced 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. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. As a group, sell-side analysts forecast that State Street will post 8.15 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.74%. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 56.93%.

Institutional Investors Weigh In On State Street

Hedge funds have recently bought and sold shares of the business. Quarry LP lifted its holdings in shares of State Street by 1,174.2% during the second quarter. Quarry LP now owns 2,765 shares of the asset manager’s stock valued at $205,000 after purchasing an additional 2,548 shares during the last quarter. Invst LLC increased its position in State Street by 6.5% during the 2nd quarter. Invst LLC now owns 11,428 shares of the asset manager’s stock valued at $841,000 after buying an additional 693 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in State Street by 5.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,863 shares of the asset manager’s stock valued at $878,000 after buying an additional 588 shares in the last quarter. Creative Planning raised its stake in State Street by 11.2% during the second quarter. Creative Planning now owns 18,400 shares of the asset manager’s stock valued at $1,362,000 after buying an additional 1,857 shares during the last quarter. Finally, Kathmere Capital Management LLC bought a new stake in State Street in the second quarter worth $205,000. Institutional investors own 87.44% of the company’s stock.

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.