Keefe, Bruyette & Woods Upgrades State Street (STT) to Outperform

State Street (NYSE:STT) was upgraded by investment analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report released on Tuesday. The brokerage presently has a $110.00 price target on the asset manager’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 10.91% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a research note on Wednesday, October 11th. Morgan Stanley boosted their price target on shares of State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 24th. Finally, Jefferies Group reissued a “hold” rating and set a $100.00 price target on shares of State Street in a research note on Friday, September 15th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. State Street has a consensus rating of “Hold” and an average price target of $97.60.

State Street (NYSE:STT) opened at $99.18 on Tuesday. State Street has a 12-month low of $74.45 and a 12-month high of $100.90. The stock has a market cap of $36,123.20, a P/E ratio of 16.05, a PEG ratio of 1.66 and a beta of 1.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48.

State Street (NYSE:STT) last announced its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.10. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same period in the prior year, the business earned $1.35 earnings per share. State Street’s quarterly revenue was up 7.7% on a year-over-year basis. research analysts anticipate that State Street will post 6.25 EPS for the current fiscal year.

In other State Street news, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total value of $296,448.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Joseph L. Hooley sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total transaction of $2,315,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,724 shares of company stock valued at $2,659,741. 0.71% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in State Street by 1.9% in the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after purchasing an additional 448,658 shares in the last quarter. FMR LLC increased its stake in State Street by 10.8% in the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after purchasing an additional 1,940,536 shares in the last quarter. Longview Partners Guernsey LTD increased its stake in State Street by 6.5% in the third quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock valued at $770,313,000 after purchasing an additional 493,244 shares in the last quarter. Capital International Investors increased its stake in State Street by 63.3% in the third quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock valued at $551,383,000 after purchasing an additional 2,237,595 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its stake in State Street by 44.8% in the third quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock valued at $427,133,000 after purchasing an additional 1,383,249 shares in the last quarter. 88.10% of the stock is owned by hedge funds and other institutional investors.

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State Street Company Profile

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

Analyst Recommendations for State Street (NYSE:STT)

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