State Street (NYSE:STT) Price Target Raised to $230.00

State Street (NYSE:STT) had its price target upped by Keefe, Bruyette & Woods from $220.00 to $230.00 in a research note published on Thursday, Marketbeat Ratings reports. They currently have an outperform rating on the asset manager’s stock.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company increased their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of State Street from $187.00 to $187.50 and gave the stock a “neutral” rating in a research report on Friday, October 2nd. Bank of America lifted their price objective on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. TD Cowen initiated coverage on shares of State Street in a research note on Thursday, October 8th. They set a “buy” rating and a $205.00 price objective for the company. Finally, Weiss Ratings cut shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, October 6th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and an average price target of $190.62.

State Street Price Performance

Shares of STT stock opened at $165.54 on Thursday. The firm’s 50-day moving average is $184.20 and its two-hundred day moving average is $169.57. State Street has a 12 month low of $104.64 and a 12 month high of $195.93. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.59. The company has a market capitalization of $45.47 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last issued its quarterly earnings data on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.68 by $0.01. State Street had a return on equity of 16.36% and a net margin of 15.81%. The firm had revenue of $4 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the company earned $2.78 EPS. The company’s quarterly revenue was up 12.9% on a year-over-year basis. Analysts predict that State Street will post 13.77 earnings per share for the current year.

Insider Activity at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Philadelphia Investment Partners LLC purchased a new stake in shares of State Street in the second quarter worth approximately $26,000. Bell Investment Advisors Inc bought a new position in State Street during the second quarter valued at about $28,000. Elevation Wealth Partners LLC boosted its position in State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares during the period. Continuum Advisory LLC bought a new stake in shares of State Street during the 2nd quarter worth $30,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in shares of State Street in the second quarter valued at about $33,000. Institutional investors own 87.44% of the company’s stock.

Key Headlines Impacting State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street reported third-quarter adjusted earnings of $3.69 per share, slightly above the $3.68 analyst consensus. Revenue increased approximately 12.9% year over year to $4.0 billion, while management highlighted broad-based growth and improving margins. State Street Q3 Earnings Impress But Stock Price Stays Cautious
• Positive Sentiment: Analyst support remains significant. Keefe, Bruyette & Woods raised its price target to $230 and maintained an outperform rating, while TD Cowen initiated or reiterated a buy view. Other analysis points to State Street’s 0.72x PEG ratio and margin improvement as evidence of attractive valuation and earnings potential. State Street Gets a Buy from TD Cowen
• Neutral Sentiment: Analysts have issued mixed revisions following the results. Citigroup lowered its target from $212 to $190 but retained a buy rating, while Truist cut its target from $190 to $171 and maintained a hold rating. The changes suggest analysts see upside, but with more limited near-term expectations. Analysts Offer Insights on Financial Companies
• Negative Sentiment: Revenue fell short of Wall Street’s approximately $4.03 billion forecast, despite the EPS beat. Investors also appear concerned that macroeconomic tailwinds supporting asset servicing, management fees and market activity could weaken. State Street Q3 Another Strong Quarter But Macro Tailwinds May Be Fading
• Negative Sentiment: A law firm announced a pending investigation into potential securities-law violations, adding legal and reputational risk to the earnings-related concerns. State Street Investigation Notice

About State Street

State Street Corporation (NYSE: STT) is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.