Buckingham Research Increases State Street (STT) Price Target to $131.00

State Street (NYSE:STT) had its price target upped by Buckingham Research from $124.00 to $131.00 in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the asset manager’s stock. Buckingham Research’s target price indicates a potential upside of 18.11% from the company’s current price.

A number of other equities research analysts also recently weighed in on STT. Zacks Investment Research downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Citigroup reaffirmed a “neutral” rating and set a $102.00 price objective (up previously from $88.00) on shares of State Street in a research report 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 report on Tuesday, October 24th. Morgan Stanley boosted 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 report on Tuesday, October 24th. Finally, ValuEngine downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. State Street currently has an average rating of “Buy” and a consensus target price of $106.50.

Shares of State Street (NYSE:STT) traded up $0.58 during trading hours on Wednesday, hitting $110.91. 1,642,488 shares of the company were exchanged, compared to its average volume of 1,660,000. The company has a current ratio of 0.49, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street has a twelve month low of $75.08 and a twelve month high of $114.27. The company has a market cap of $41,130.00, a P/E ratio of 21.17, a PEG ratio of 1.84 and a beta of 1.35.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.10). State Street had a net margin of 17.94% and a return on equity of 12.98%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.98 billion. During the same period in the prior year, the company earned $1.48 EPS. State Street’s quarterly revenue was up 8.5% on a year-over-year basis. analysts expect that State Street will post 7.49 earnings per share for the current fiscal year.

In other State Street news, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were 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. Insiders have sold a total of 28,724 shares of company stock valued at $2,659,741 over the last three months. 0.71% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the company. Longview Partners Guernsey LTD lifted its stake in shares of State Street by 6.5% in the 3rd quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock worth $770,313,000 after acquiring an additional 493,244 shares during the period. Capital International Investors lifted its stake in shares of State Street by 63.3% in the 3rd quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock worth $551,383,000 after acquiring an additional 2,237,595 shares during the period. Artisan Partners Limited Partnership lifted its stake in shares of State Street by 44.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock worth $427,133,000 after acquiring an additional 1,383,249 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of State Street by 0.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,349,477 shares of the asset manager’s stock worth $415,547,000 after acquiring an additional 13,453 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of State Street by 27.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,908,094 shares of the asset manager’s stock worth $278,625,000 after acquiring an additional 630,368 shares during the period. 88.11% 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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