Deutsche Bank Aktiengesellschaft Raises State Street (NYSE:STT) Price Target to $87.00

by · The Cerbat Gem

State Street (NYSE:STT – Free Report) had its target price lifted by Deutsche Bank Aktiengesellschaft from $79.00 to $87.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the asset manager’s stock.

Other equities analysts also recently issued reports about the company. Morgan Stanley increased their target price on State Street from $90.00 to $93.00 and gave the stock an equal weight rating in a research note on Wednesday, July 17th. Bank of America increased their target price on State Street from $85.00 to $96.00 and gave the stock an underperform rating in a research note on Wednesday, July 17th. Evercore ISI raised their price objective on State Street from $88.00 to $91.00 and gave the company an outperform rating in a research note on Wednesday, July 17th. Wells Fargo & Company raised their price objective on State Street from $91.00 to $98.00 and gave the company an overweight rating in a research note on Wednesday, July 17th. Finally, Royal Bank of Canada raised their price objective on State Street from $85.00 to $91.00 and gave the company a sector perform rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has a consensus rating of Hold and a consensus target price of $89.46.

View Our Latest Analysis on State Street

State Street Stock Down 0.5 %

STT opened at $88.50 on Monday. The business has a 50 day moving average price of $83.47 and a two-hundred day moving average price of $77.79. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The company has a market cap of $26.43 billion, a PE ratio of 16.57, a P/E/G ratio of 1.44 and a beta of 1.48. State Street has a 52 week low of $62.78 and a 52 week high of $89.49.

State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating the consensus estimate of $2.03 by $0.12. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.17 EPS. As a group, research analysts anticipate that State Street will post 8.15 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.76 per share. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.44%. State Street’s dividend payout ratio (DPR) is 51.69%.

Institutional Investors Weigh In On State Street

Several hedge funds have recently made changes to their positions in the business. Capital International Investors boosted its holdings in shares of State Street by 0.5% during the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock worth $512,381,000 after purchasing an additional 31,314 shares during the last quarter. LSV Asset Management boosted its holdings in State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after acquiring an additional 1,238,251 shares during the last quarter. Metropolis Capital Ltd boosted its holdings in State Street by 13.1% in the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after acquiring an additional 479,205 shares during the last quarter. Cooke & Bieler LP boosted its holdings in State Street by 3.1% in the second quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock valued at $262,795,000 after acquiring an additional 105,222 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in State Street by 9.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager’s stock valued at $224,466,000 after acquiring an additional 259,729 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

About State Street

(Get Free Report)

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.

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