Bank of America Forecasts Strong Price Appreciation for State Street (NYSE:STT) Stock

State Street (NYSE:STT - Free Report) had its price target increased by Bank of America from $98.00 to $99.00 in a research note released on Wednesday morning,Benzinga reports. Bank of America currently has an underperform rating on the asset manager's stock.

Several other research analysts also recently issued reports on STT. Wells Fargo & Company lowered their price target on shares of State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Wolfe Research raised State Street from an "underperform" rating to a "peer perform" rating in a report on Monday, January 27th. StockNews.com lowered State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Keefe, Bruyette & Woods raised State Street from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Finally, Barclays raised their price objective on shares of State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $101.07.

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State Street Price Performance

NYSE:STT traded down $6.60 during trading hours on Wednesday, hitting $76.23. The company's stock had a trading volume of 3,147,886 shares, compared to its average volume of 2,173,024. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $21.99 billion, a P/E ratio of 9.25, a PEG ratio of 1.11 and a beta of 1.42. State Street has a twelve month low of $70.20 and a twelve month high of $103.00. The stock has a fifty day simple moving average of $94.09 and a 200-day simple moving average of $94.47.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating analysts' consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company posted $2.04 EPS. On average, analysts anticipate that State Street will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. State Street's payout ratio is currently 36.89%.

Insider Transactions at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company's stock, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Gregory L. Summe sold 10,815 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company's stock.

Institutional Trading of State Street

Large investors have recently made changes to their positions in the company. Albion Financial Group UT bought a new position in State Street in the fourth quarter worth approximately $25,000. Y.D. More Investments Ltd lifted its holdings in shares of State Street by 116.6% in 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 in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in State Street in the 4th quarter valued at $42,000. Coppell Advisory Solutions LLC increased its stake in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after purchasing an additional 412 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its holdings in State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock worth $47,000 after buying an additional 311 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.