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

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

Several other analysts have also commented on the company. 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 report on Wednesday, July 17th. Citigroup lifted their price target on State Street from $85.00 to $90.00 and gave the stock a neutral rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods lowered their price target on State Street from $88.00 to $84.00 and set a market perform rating on the stock in a research note on Thursday, June 27th. The Goldman Sachs Group lifted their price target on State Street from $89.00 to $98.00 and gave the stock a buy rating in a research note on Wednesday, July 17th. Finally, Evercore ISI boosted their price objective on State Street from $88.00 to $91.00 and gave the stock an outperform rating in a research note on Wednesday, July 17th. Two equities research 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. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $89.46.

State Street Stock Down 0.5 %

Shares of STT stock opened at $88.50 on Monday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street has a twelve month low of $62.78 and a twelve month high of $89.49. The stock has a 50 day moving average of $83.47 and a 200 day moving average of $77.79. The stock has a market cap of $26.43 billion, a P/E ratio of 16.57, a P/E/G ratio of 1.44 and a beta of 1.48.

State Street (NYSE:STT) last issued 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. State Street had a return on equity of 11.78% and a net margin of 8.98%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same period last year, the company earned $2.17 earnings per share. State Street’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts expect 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 given a dividend of $0.76 per share. This is a boost from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Tuesday, October 1st. State Street’s dividend payout ratio is currently 51.69%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. LRI Investments LLC acquired a new position in shares of State Street during the 1st quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of State Street in the 2nd quarter valued at about $27,000. Norwood Financial Corp acquired a new stake in shares of State Street in the 1st quarter valued at about $35,000. Accent Capital Management LLC acquired a new stake in shares of State Street in the 4th quarter valued at about $39,000. Finally, Quarry LP acquired a new stake in shares of State Street in the 4th quarter valued at about $39,000. 87.44% of the stock is 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.