State Street (NYSE:STT – Get Free Report) had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $176.50 to $187.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 0.40% from the company’s current price.
Several other equities analysts have also weighed in on the stock. Truist Financial reaffirmed a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday, July 17th. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Royal Bank Of Canada increased their target price on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Wells Fargo & Company raised their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, UBS Group set a $176.00 price target on State Street in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $185.38.
View Our Latest Report on State Street
State Street Stock Performance
State Street (NYSE:STT – Get Free Report) last posted its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the company earned $2.04 earnings per share. As a group, equities research analysts predict that State Street will post 13.68 earnings per share for the current fiscal year.
Insider Buying and Selling at State Street
In other news, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. 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. Insiders have sold a total of 49,576 shares of company stock valued at $8,415,875 over the last ninety days. Corporate insiders own 0.27% of the company’s stock.
Hedge Funds Weigh In On State Street
Hedge funds have recently made changes to their positions in the company. Elevation Wealth Partners LLC increased its position in shares of State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Wilkerson Advisory Group LLC purchased a new position in State Street in the 4th quarter valued at $29,000. Phillip James Consulting Co. acquired a new stake in State Street during the 4th quarter worth $30,000. JPL Wealth Management LLC acquired a new stake in State Street during the 3rd quarter worth $29,000. Finally, Whipplewood Advisors LLC purchased a new stake in shares of State Street during the first quarter worth $34,000. Institutional investors and hedge funds own 87.44% of the company’s stock.
About State Street
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.
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