Weiss Ratings Reaffirms “Buy (B)” Rating for State Street (NYSE:STT)

State Street (NYSE:STT)‘s stock had its “buy (b)” rating reaffirmed by Weiss Ratings in a research report issued to clients and investors on Friday,Weiss Ratings reports.

STT has been the topic of a number of other reports. Truist Financial lowered their price target on State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a report on Monday. Cowen reaffirmed a “buy” rating on shares of State Street in a report on Tuesday. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Keefe, Bruyette & Woods upped their price target on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Finally, Bank of America upped their price target on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a report on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Trading Up 1.3%

NYSE STT opened at $116.08 on Friday. State Street has a 12 month low of $72.81 and a 12 month high of $118.24. The stock has a market cap of $32.93 billion, a P/E ratio of 12.28, a P/E/G ratio of 1.22 and a beta of 1.46. The stock’s fifty day moving average price is $113.92 and its 200-day moving average price is $104.24. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm had revenue of $13 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same period in the prior year, the firm posted $2.26 earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, equities analysts forecast that State Street will post 9.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Citizens Financial Group Inc. RI lifted its holdings in State Street by 47.3% in the third quarter. Citizens Financial Group Inc. RI now owns 9,526 shares of the asset manager’s stock valued at $1,105,000 after acquiring an additional 3,059 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in State Street by 25.3% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 26,918 shares of the asset manager’s stock valued at $3,085,000 after acquiring an additional 5,440 shares during the period. Cannon Advisors Inc. lifted its holdings in State Street by 2.8% in the third quarter. Cannon Advisors Inc. now owns 6,301 shares of the asset manager’s stock valued at $722,000 after acquiring an additional 171 shares during the period. Forum Financial Management LP raised its stake in shares of State Street by 22.0% in the third quarter. Forum Financial Management LP now owns 5,444 shares of the asset manager’s stock worth $632,000 after buying an additional 983 shares during the period. Finally, Miller Howard Investments Inc. NY raised its stake in shares of State Street by 0.3% in the third quarter. Miller Howard Investments Inc. NY now owns 606,922 shares of the asset manager’s stock worth $70,409,000 after buying an additional 2,006 shares during the period. Institutional investors own 87.44% of the company’s stock.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.