State Street (NYSE:STT – Get Free Report) had its price objective increased by stock analysts at JPMorgan Chase & Co. from $187.50 to $192.50 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 13.48% from the company’s current price.
STT has been the topic of several other research reports. Capital One Financial set a $200.00 price target on shares of State Street in a research note on Tuesday, October 6th. Barclays upped their price objective on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Evercore set a $200.00 target price on shares of State Street in a research note on Monday, July 20th. TD Cowen initiated coverage on shares of State Street in a research note on Thursday, October 8th. They set a “buy” rating and a $205.00 price objective on the stock. Finally, Citigroup reduced their price target on shares of State Street from $212.00 to $190.00 and set a “buy” rating for the company in a research report on Friday, October 16th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $190.03.
View Our Latest Research Report on State Street
State Street Price Performance
NYSE:STT traded down $4.12 during trading hours on Friday, reaching $169.63. 1,312,880 shares of the company’s stock were exchanged, compared to its average volume of 2,124,875. The business’s 50-day simple moving average is $180.18 and its two-hundred day simple moving average is $158.73. The company has a quick ratio of 0.59, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. State Street has a 12 month low of $111.63 and a 12 month high of $195.93. The company has a market capitalization of $46.60 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41.
State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.68 by $0.01. The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.03 billion. State Street had a net margin of 15.81% and a return on equity of 16.36%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.78 earnings per share. Sell-side analysts expect that State Street will post 13.77 EPS for the current fiscal year.
Insider Activity at State Street
In related news, EVP W. Hu sold 7,099 shares of the business’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the completion of the transaction, the executive vice president owned 42,695 shares in the company, valued at approximately $7,199,657.85. The trade was a 14.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,554 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total transaction of $2,395,588.40. Following the completion of the sale, the chief executive officer owned 215,905 shares of the company’s stock, valued at $35,537,963. This trade represents a 6.32% 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. Insiders own 0.27% of the company’s stock.
Institutional Investors Weigh In On State Street
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in State Street in the 2nd quarter worth $4,139,389,000. State Street Corp grew its holdings in shares of State Street by 1.2% in the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock valued at $2,296,098,000 after purchasing an additional 163,362 shares in the last quarter. Regents of The University of California lifted its stake in State Street by 15.6% in the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after purchasing an additional 1,358,923 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in State Street by 4.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,962,274 shares of the asset manager’s stock worth $502,402,000 after purchasing an additional 137,798 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of State Street by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager’s stock worth $392,539,000 after buying an additional 51,754 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.
State Street Company Profile
State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.
The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.
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