March 04, 2013 at 08:11 AM EST
ISI Group Boosts Price Target on State Street Following Investor Meeting (STT)

Late on Friday, analysts at ISI Group raised the price target of State Street Corporation (STT) after the financial services company provided positive guidance at its investor meeting.

The analysts maintain a “Buy” rating on STT and now see shares reaching $64, up from the previous target of $63. This valuation suggests a 14% upside to Friday’s closing price of $56.31.

An ISI Group analyst said, “Post STT’s Investor Day, we are more constructive on STT’s ability to beat Consensus longer-term vs. a cautious mgmt outlook. Key drivers are: 1) mgmt’s cost save program is on track to deliver over 400bps op margin improvement by 2015, which under conservative revenue growth would drive 10%+ upside to Consensus in 2015, 2) macro backdrop remains materially better than mgmt 2013 outlook & could drive revenue upside, 3) STT is improving upon a leadership position in asset servicing that should enhance its longerterm position & contribute positively to core service fee growth.”

State Street shares were inactive during pre-market trading on Monday. The stock is up +34.14% over the past twelve months.

The Bottom Line
Shares of State Street Corp (STT) have a dividend yield of 1.85% based on Friday’s closing price of $56.31 and the company’s annualized dividend payout of $1.04 per share.

State Street Corporation (STT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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