State Street (NYSE:STT) Given New $99.00 Price Target at Bank of America

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

Other analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. JPMorgan Chase & Co. upgraded State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price objective on the stock in a research report on Friday, December 20th. Wells Fargo & Company reduced their target price on State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Keefe, Bruyette & Woods raised State Street from a "market perform" rating to an "outperform" rating and raised their price target for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, Morgan Stanley dropped their price target on State Street from $142.00 to $139.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street presently has an average rating of "Hold" and a consensus price target of $101.07.

State Street Stock Performance

STT stock traded down $1.43 during midday trading on Wednesday, reaching $74.82. 1,464,263 shares of the company's stock traded hands, compared to its average volume of 2,171,500. State Street has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a 50-day moving average price of $94.09 and a two-hundred day moving average price of $94.58. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $21.58 billion, a PE ratio of 9.09, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.27 billion. During the same quarter in the prior year, the firm posted $2.04 EPS. The firm's quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities analysts anticipate that State Street will post 9.68 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's dividend payout ratio (DPR) is presently 36.89%.

Insider Buying and Selling

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the business's stock in a transaction 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 transaction, the executive vice president now directly owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now owns 100,023 shares of the company's stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently bought and sold shares of STT. Albion Financial Group UT purchased a new position in shares of State Street during the 4th quarter worth approximately $25,000. Y.D. More Investments Ltd grew its holdings in State Street by 116.6% in the fourth 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 period. Kohmann Bosshard Financial Services LLC purchased a new position in shares of State Street during the fourth quarter valued at approximately $42,000. Coppell Advisory Solutions LLC boosted its position in shares of State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after purchasing an additional 412 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of State Street by 187.3% in the 4th 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 owned by institutional investors.

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.