State Street (NYSE:STT) Given New $90.00 Price Target at Morgan Stanley

State Street (NYSE:STT) had its price objective boosted by Morgan Stanley from $89.00 to $90.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an equal weight rating on the asset manager’s stock.

Several other equities research analysts have also issued reports on STT. Royal Bank of Canada lifted their price target on State Street from $75.00 to $85.00 and gave the stock a sector perform rating in a research note on Monday, January 22nd. Bank of America reaffirmed an underperform rating and set a $81.00 price target on shares of State Street in a research note on Thursday, January 4th. Barclays lifted their price target on State Street from $87.00 to $102.00 and gave the stock an overweight rating in a research note on Tuesday, January 2nd. Evercore ISI boosted their target price on State Street from $85.00 to $88.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Finally, The Goldman Sachs Group raised State Street from a neutral rating to a buy rating and boosted their target price for the company from $69.00 to $92.00 in a research note on Wednesday, January 3rd. Two 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. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $84.04.

State Street Price Performance

State Street stock opened at $74.93 on Monday. State Street has a 52 week low of $62.78 and a 52 week high of $79.90. The business has a 50-day simple moving average of $73.96 and a 200 day simple moving average of $72.32. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. The stock has a market cap of $22.62 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 1.42 and a beta of 1.52.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the previous year, the company posted $2.07 earnings per share. The company’s revenue was down 3.5% compared to the same quarter last year. On average, research analysts forecast that State Street will post 7.85 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date was Thursday, March 28th. State Street’s payout ratio is 51.69%.

Insider Buying and Selling at State Street

In other State Street news, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other State Street news, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the transaction, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock valued at $1,390,597 in the last 90 days. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Dagco Inc. purchased a new stake in shares of State Street in the 4th quarter worth approximately $26,000. CVA Family Office LLC purchased a new stake in shares of State Street in the 4th quarter worth approximately $27,000. Venturi Wealth Management LLC grew its stake in shares of State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after buying an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street in the 4th quarter worth approximately $35,000. Finally, Accent Capital Management LLC bought a new position in State Street in the 4th quarter valued at approximately $39,000. 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.