State Street (NYSE:STT) had its target price lifted by Bank of America from $108.00 to $118.00 in a report released on Wednesday. The firm presently has a “neutral” rating on the asset manager’s stock. Bank of America’s price objective suggests a potential upside of 6.39% from the stock’s previous close.
A number of other equities analysts have also weighed in on STT. Buckingham Research lifted their price target on shares of State Street from $124.00 to $131.00 and gave the company a “buy” rating in a report on Wednesday. Zacks Investment Research lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Barclays lifted their price target on shares of State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Vining Sparks reiterated a “buy” rating and issued a $120.00 price target on shares of State Street in a report on Monday, January 8th. Finally, Jefferies Group reiterated a “hold” rating and issued a $107.00 price target on shares of State Street in a report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $106.50.
Shares of State Street (NYSE STT) traded up $0.58 during midday trading on Wednesday, reaching $110.91. 1,642,488 shares of the company were exchanged, compared to its average volume of 1,660,000. State Street has a 1 year low of $75.08 and a 1 year high of $114.27. The firm has a market capitalization of $41,130.00, a price-to-earnings ratio of 21.17, a P/E/G ratio of 1.84 and a beta of 1.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.49.
State Street (NYSE:STT) last announced its earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.10). The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.98 billion. State Street had a return on equity of 12.98% and a net margin of 17.94%. The firm’s revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.48 EPS. analysts anticipate that State Street will post 7.49 EPS for the current fiscal year.
In related news, insider Andrew Erickson sold 354 shares of State Street stock in a transaction on 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 SEC, which is accessible through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of State Street stock in a transaction on 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 worth $2,659,741 in the last 90 days. Company insiders own 0.71% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Schroder Investment Management Group increased its stake in State Street by 73.8% during the 2nd quarter. Schroder Investment Management Group now owns 3,128 shares of the asset manager’s stock worth $281,000 after buying an additional 1,328 shares during the period. ETRADE Capital Management LLC purchased a new stake in State Street during the 2nd quarter worth $540,000. MML Investors Services LLC increased its stake in State Street by 3.7% during the 2nd quarter. MML Investors Services LLC now owns 5,703 shares of the asset manager’s stock worth $512,000 after buying an additional 203 shares during the period. Cibc World Markets Corp increased its stake in State Street by 33.2% during the 2nd quarter. Cibc World Markets Corp now owns 49,969 shares of the asset manager’s stock worth $4,484,000 after buying an additional 12,460 shares during the period. Finally, Bank of Hawaii increased its stake in State Street by 4.8% during the 2nd quarter. Bank of Hawaii now owns 8,818 shares of the asset manager’s stock worth $791,000 after buying an additional 403 shares during the period. Institutional investors and hedge funds own 88.11% of the company’s stock.
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About State Street
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.