State Street (NYSE:STT) Upgraded by Wolfe Research to Peer Perform Rating

State Street (NYSE:STT) was upgraded by investment analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating in a report issued on Monday, MarketBeat reports.

A number of other research firms have also recently issued reports on STT. Wells Fargo & Company raised their target price on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a report on Friday, December 20th. Truist Financial lowered their target price on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, Morgan Stanley dropped their target price on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $100.73.

State Street Trading Up 1.6 %

NYSE STT opened at $99.09 on Monday. The company has a market cap of $29.05 billion, a PE ratio of 12.03, a PEG ratio of 1.11 and a beta of 1.43. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a 50 day moving average of $98.00 and a 200-day moving average of $90.58. State Street has a 12 month low of $70.20 and a 12 month high of $101.91.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3,267,560 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the firm posted $2.04 earnings per share. On average, equities research analysts anticipate that State Street will post 9.43 EPS for the current fiscal year.

Insider Buying and Selling at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

Several institutional investors and hedge funds have recently made changes to their positions in STT. Hotchkis & Wiley Capital Management LLC grew its position in shares of State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after buying an additional 1,354,560 shares during the period. FMR LLC grew its holdings in State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares during the period. Wellington Management Group LLP raised its holdings in shares of State Street by 818.1% during the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after purchasing an additional 462,201 shares during the period. National Bank of Canada FI boosted its position in shares of State Street by 99.4% during the 3rd quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after purchasing an additional 442,725 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in State Street by 13.8% in the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after buying an additional 408,792 shares in the last quarter. Institutional investors own 87.44% 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. 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.