State Street Corporation (STT) Lifted to “Buy” at Zacks Investment Research
State Street Corporation (NYSE:STT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $102.00 price objective on the asset manager’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.35% from the company’s previous close.
According to Zacks, “Shares of State Street have outperformed the industry over the past six months. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. The company’s third quarter 2017 results benefited from higher revenues and rise in assets under management, partially offset by increase in expenses. New business wins, efforts to improve efficiency through its multi-year restructuring plan, synergies from GE Asset Management deal and easing margin pressure are likely to aid profitability. While mounting expenses mainly owing to higher compensation and employee benefit costs are expected to hurt its bottom line, enhanced capital deployment activities and exposure in international markets keeps us encouraged.”
Other equities analysts have also recently issued research reports about the company. Morgan Stanley raised their price target on State Street Corporation from $90.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 24th. Jefferies Group LLC restated a “hold” rating and set a $100.00 price target on shares of State Street Corporation in a report on Friday, September 15th. Keefe, Bruyette & Woods set a $93.00 price target on State Street Corporation and gave the company a “hold” rating in a report on Monday, August 28th. ValuEngine cut State Street Corporation from a “buy” rating to a “hold” rating in a report on Friday. Finally, Citigroup Inc. restated a “neutral” rating and set a $102.00 price target (up previously from $88.00) on shares of State Street Corporation in a report on Monday, October 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $96.47.
State Street Corporation (NYSE:STT) traded up $0.14 during midday trading on Tuesday, reaching $90.79. The company’s stock had a trading volume of 1,444,800 shares, compared to its average volume of 1,970,941. The stock has a market cap of $33,616.35, a PE ratio of 14.93, a PEG ratio of 1.55 and a beta of 1.36. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. State Street Corporation has a fifty-two week low of $74.45 and a fifty-two week high of $99.99.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.10. The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.94 billion. State Street Corporation had a return on equity of 13.03% and a net margin of 20.56%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.35 EPS. equities analysts predict that State Street Corporation will post 6.25 EPS for the current fiscal year.
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In related news, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of the sale, the insider now directly owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total value of $2,315,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,814 shares of company stock valued at $2,668,773 over the last three months. 0.71% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Chevy Chase Trust Holdings Inc. increased its holdings in State Street Corporation by 6.4% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 328,341 shares of the asset manager’s stock worth $31,370,000 after purchasing an additional 19,650 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of State Street Corporation by 0.9% in the 3rd quarter. Asset Management One Co. Ltd. now owns 615,698 shares of the asset manager’s stock valued at $58,836,000 after acquiring an additional 5,213 shares during the period. Engineers Gate Manager LP purchased a new position in shares of State Street Corporation in the 3rd quarter valued at $1,199,000. Synovus Financial Corp increased its holdings in shares of State Street Corporation by 12.9% in the 3rd quarter. Synovus Financial Corp now owns 8,118 shares of the asset manager’s stock valued at $777,000 after acquiring an additional 926 shares during the period. Finally, Private Advisor Group LLC increased its holdings in shares of State Street Corporation by 177.3% in the 3rd quarter. Private Advisor Group LLC now owns 7,331 shares of the asset manager’s stock valued at $718,000 after acquiring an additional 4,687 shares during the period. Institutional investors own 88.15% of the company’s stock.
State Street Corporation 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.
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