State Street (STT) Stock Rating Upgraded by Keefe, Bruyette & Woods

State Street (NYSE:STT) was upgraded by research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued to investors on Tuesday. The brokerage currently has a $110.00 price target on the asset manager’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 12.04% from the company’s current price.

Several other analysts also recently weighed in on STT. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a research note on Tuesday, August 22nd. Jefferies Group reaffirmed a “hold” rating and set a $100.00 price objective on shares of State Street in a research note on Friday, September 15th. Citigroup reaffirmed a “neutral” rating and set a $102.00 price objective (up from $88.00) on shares of State Street in a research note on Monday, October 9th. Royal Bank of Canada lowered their price objective on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 24th. Finally, Morgan Stanley upped their price objective on shares of State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $97.60.

State Street (NYSE STT) traded up $0.77 during trading on Tuesday, reaching $98.18. 1,248,700 shares of the company’s stock traded hands, compared to its average volume of 1,958,088. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. The company has a market capitalization of $36,123.20, a P/E ratio of 16.05, a PEG ratio of 1.66 and a beta of 1.35. State Street has a 1-year low of $74.45 and a 1-year high of $99.99.

State Street (NYSE:STT) last posted its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.10. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.35 earnings per share. analysts predict that State Street will post 6.25 earnings per share for the current year.

In related news, insider Andrew Erickson sold 354 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $92.00, for a total value of $32,568.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total transaction of $296,448.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,724 shares of company stock valued at $2,659,741. 0.71% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in STT. IFP Advisors Inc raised its stake in State Street by 8.7% in the second quarter. IFP Advisors Inc now owns 2,580 shares of the asset manager’s stock worth $232,000 after buying an additional 207 shares in the last quarter. Beach Investment Management LLC. bought a new position in State Street in the second quarter worth about $598,000. Global X Management Co. LLC raised its stake in State Street by 52.1% in the second quarter. Global X Management Co. LLC now owns 3,818 shares of the asset manager’s stock worth $343,000 after buying an additional 1,307 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in State Street by 2.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,178,098 shares of the asset manager’s stock worth $105,711,000 after purchasing an additional 28,434 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in State Street by 32.9% in the second quarter. DekaBank Deutsche Girozentrale now owns 52,201 shares of the asset manager’s stock worth $4,802,000 after purchasing an additional 12,929 shares during the period. 88.10% of the stock is owned by institutional investors.

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State Street Company Profile

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

Analyst Recommendations for State Street (NYSE:STT)

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