Keefe, Bruyette & Woods Cuts State Street (NYSE:STT) Price Target to $84.00

State Street (NYSE:STT) had its price target cut by Keefe, Bruyette & Woods from $88.00 to $84.00 in a research note published on Thursday, Benzinga reports. They currently have a market perform rating on the asset manager’s stock.

Several other research firms have also recently weighed in on STT. Evercore ISI raised their price target on State Street from $85.00 to $88.00 and gave the company an outperform rating in a report on Thursday, April 4th. Morgan Stanley reiterated an equal weight rating and set a $90.00 target price on shares of State Street in a research report on Wednesday, June 12th. JPMorgan Chase & Co. increased their price target on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. UBS Group raised their price target on State Street from $80.00 to $82.00 and gave the company a neutral rating in a research report on Friday, April 12th. Finally, Argus upped their target price on State Street from $84.00 to $86.00 and gave the stock a buy rating in a research note on Monday, April 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $83.88.

State Street Stock Up 0.3 %

STT stock opened at $73.05 on Thursday. The stock has a 50-day simple moving average of $74.30 and a two-hundred day simple moving average of $74.69. State Street has a twelve month low of $62.78 and a twelve month high of $79.90. The firm has a market capitalization of $22.01 billion, a PE ratio of 13.67, a PEG ratio of 1.26 and a beta of 1.47. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.90.

State Street (NYSE:STT) last posted its earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The business had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.06 billion. On average, equities analysts predict that State Street will post 7.94 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Monday, July 1st will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend is Monday, July 1st. State Street’s dividend payout ratio (DPR) is currently 51.69%.

Hedge Funds Weigh In On State Street

Several hedge funds have recently made changes to their positions in the business. Abich Financial Wealth Management LLC boosted its holdings in State Street by 51.1% in the first quarter. Abich Financial Wealth Management LLC now owns 1,452 shares of the asset manager’s stock valued at $112,000 after acquiring an additional 491 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of State Street by 4.1% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 97,028 shares of the asset manager’s stock valued at $7,355,000 after purchasing an additional 3,817 shares in the last quarter. Cetera Advisors LLC increased its position in shares of State Street by 546.5% during the first quarter. Cetera Advisors LLC now owns 21,018 shares of the asset manager’s stock valued at $1,625,000 after buying an additional 17,767 shares during the period. Cetera Investment Advisers raised its stake in State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after buying an additional 24,906 shares in the last quarter. Finally, Invst LLC purchased a new stake in State Street in the first quarter worth about $829,000. 87.44% of the stock is owned by hedge funds and other 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.