State Street (NYSE:STT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

State Street (NYSE:STT) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $187.50 to $192.50 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 13.48% from the stock’s previous close.

STT has been the topic of a number of other reports. Weiss Ratings lowered shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, October 6th. Bank of America raised their target price on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Morgan Stanley increased their price objective on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Wells Fargo & Company raised their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of State Street from $220.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, October 15th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $190.03.

State Street Trading Down 2.4%

Shares of NYSE:STT traded down $4.12 on Friday, reaching $169.63. 1,312,880 shares of the company traded hands, compared to its average volume of 2,124,875. The business’s 50-day simple moving average is $180.18 and its 200 day simple moving average is $158.73. State Street has a 52 week low of $111.63 and a 52 week high of $195.93. The company has a current ratio of 0.57, a quick ratio of 0.59 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $46.60 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT) last issued its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.68 by $0.01. State Street had a net margin of 15.81% and a return on equity of 16.36%. The business had revenue of $4 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the company earned $2.78 earnings per share. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities analysts anticipate that State Street will post 13.77 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP W. Hu sold 7,099 shares of the business’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $168.63, for a total value of $1,197,104.37. Following the completion of the transaction, the executive vice president directly owned 42,695 shares of the company’s stock, valued at $7,199,657.85. The trade was a 14.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,554 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total value of $2,395,588.40. Following the completion of the sale, the chief executive officer owned 215,905 shares of the company’s stock, valued at approximately $35,537,963. This represents a 6.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On State Street

A number of hedge funds have recently added to or reduced their stakes in STT. BlackRock Inc. bought a new position in shares of State Street in the 2nd quarter valued at about $4,139,389,000. State Street Corp grew its position in State Street by 1.2% in the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock worth $2,296,098,000 after acquiring an additional 163,362 shares in the last quarter. Regents of The University of California boosted its stake in shares of State Street by 15.6% during the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after purchasing an additional 1,358,923 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in State Street by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager’s stock valued at $392,539,000 after acquiring an additional 51,754 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of State Street by 4.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,962,274 shares of the asset manager’s stock worth $502,402,000 after buying an additional 137,798 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Company Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.