State Street (NYSE:STT) Earns Buy Rating from Analysts at Citigroup

Stock analysts at Citigroup started coverage on shares of State Street (NYSE:STT) in a research report issued to clients and investors on Monday. The firm set a “buy” rating and a $150.00 price target on the asset manager’s stock. Citigroup’s price objective points to a potential upside of 21.11% from the stock’s current price.

Several other equities analysts also recently commented on the company. The Goldman Sachs Group reiterated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Truist Financial set a $136.00 target price on shares of State Street in a research report on Tuesday, January 20th. Morgan Stanley decreased their price objective on State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. Finally, Loop Capital set a $144.00 target price on State Street in a report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Price Performance

Shares of State Street stock traded down $4.09 during midday trading on Monday, hitting $123.86. 200,905 shares of the company traded hands, compared to its average volume of 2,113,061. The firm’s fifty day moving average price is $130.09 and its 200-day moving average price is $120.68. The stock has a market cap of $34.52 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 1.12 and a beta of 1.43. State Street has a 12 month low of $72.81 and a 12 month high of $137.05. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61.

State Street (NYSE:STT) last issued its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $2.60 earnings per share. As a group, sell-side analysts forecast that State Street will post 9.68 earnings per share for the current year.

Institutional Investors Weigh In On State Street

Hedge funds have recently added to or reduced their stakes in the company. Regents of The University of California grew its position in State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares during the period. Norges Bank bought a new stake in State Street in the 2nd quarter worth about $256,367,000. Pinebridge Investments LLC purchased a new stake in shares of State Street during the fourth quarter valued at approximately $178,705,000. Victory Capital Management Inc. increased its position in shares of State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after purchasing an additional 1,074,174 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after buying an additional 880,507 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.