Bank of America Increases State Street (NYSE:STT) Price Target to $190.00

State Street (NYSE:STT) had its target price hoisted by equities research analysts at Bank of America from $160.00 to $190.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the asset manager’s stock. Bank of America‘s price target indicates a potential upside of 8.22% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Citigroup lifted their price target on shares of State Street from $172.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Morgan Stanley raised their target price on shares of State Street from $166.00 to $183.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Barclays set a $165.00 target price on shares of State Street in a research note on Monday, April 20th. The Goldman Sachs Group boosted their price target on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, UBS Group set a $176.00 target price on State Street in a research report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $172.66.

State Street Trading Up 2.9%

NYSE STT opened at $175.57 on Tuesday. The stock has a market cap of $48.59 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 0.92 and a beta of 1.42. State Street has a fifty-two week low of $101.98 and a fifty-two week high of $175.96. The stock has a 50 day simple moving average of $159.83 and a two-hundred day simple moving average of $140.59. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business’s revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.04 earnings per share. On average, analysts forecast that State Street will post 12.53 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the transaction, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the transaction, the chief executive officer directly owned 255,512 shares in the company, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 37,876 shares of company stock valued at $5,866,583. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On State Street

Large investors have recently bought and sold shares of the business. Regents of The University of California lifted its stake in State Street by 15.6% during the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after acquiring an additional 1,358,923 shares during the period. Morgan Stanley boosted its holdings in shares of State Street by 9.0% during the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after acquiring an additional 433,201 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after acquiring an additional 1,074,174 shares during the period. Franklin Resources Inc. grew its stake in shares of State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after acquiring an additional 67,309 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock valued at $462,240,000 after purchasing an additional 835,331 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.