State Street (NYSE:STT) was upgraded by stock analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. The firm presently has a $86.00 price target on the asset manager’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 10.50% from the stock’s current price.
Several other equities analysts have also weighed in on the company. UBS Group increased their price objective on State Street from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 21st. ValuEngine lowered State Street from a “hold” rating to a “sell” rating in a report on Wednesday, December 4th. Deutsche Bank boosted their price objective on State Street from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Bank of America boosted their price objective on State Street from $64.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Buckingham Research reaffirmed a “buy” rating and set a $84.00 price objective (up from $73.00) on shares of State Street in a report on Monday, November 18th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. State Street presently has a consensus rating of “Hold” and a consensus target price of $72.74.
STT stock opened at $77.83 on Monday. State Street has a twelve month low of $48.62 and a twelve month high of $78.72. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.53. The stock’s 50 day moving average is $71.90 and its 200-day moving average is $60.01. The firm has a market capitalization of $28.46 billion, a PE ratio of 10.78, a P/E/G ratio of 1.60 and a beta of 1.56.
State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.11. State Street had a return on equity of 11.34% and a net margin of 16.18%. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the prior year, the company posted $1.87 earnings per share. State Street’s revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that State Street will post 5.81 earnings per share for the current fiscal year.
In other news, EVP Joerg Ambrosius sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.08, for a total value of $187,700.00. Following the completion of the transaction, the executive vice president now directly owns 14,654 shares in the company, valued at $1,100,222.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $65.70, for a total transaction of $1,642,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 118,984 shares of company stock valued at $7,709,865. 0.40% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC increased its holdings in shares of State Street by 693.4% in the second quarter. CWM LLC now owns 484 shares of the asset manager’s stock worth $27,000 after purchasing an additional 423 shares during the period. Massmutual Trust Co. FSB ADV bought a new position in State Street in the 2nd quarter worth about $31,000. Reilly Financial Advisors LLC increased its stake in State Street by 91.7% in the 3rd quarter. Reilly Financial Advisors LLC now owns 627 shares of the asset manager’s stock worth $37,000 after acquiring an additional 300 shares during the last quarter. Vestor Capital LLC purchased a new stake in shares of State Street in the 3rd quarter valued at about $41,000. Finally, Rational Advisors LLC raised its holdings in shares of State Street by 137.8% in the 2nd quarter. Rational Advisors LLC now owns 742 shares of the asset manager’s stock valued at $42,000 after acquiring an additional 430 shares in the last quarter. Institutional investors and hedge funds own 90.11% of the company’s stock.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; 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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