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.
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.
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