State Street Corporation (STT) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of State Street Corporation (NYSE:STT) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $102.00 price target on the asset manager’s stock.
According to Zacks, “Shares of State Street have outperformed the industry over the past six months. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. The company’s third quarter 2017 results benefited from higher revenues and rise in assets under management, partially offset by increase in expenses. New business wins, efforts to improve efficiency through its multi-year restructuring plan, synergies from GE Asset Management deal and easing margin pressure are likely to aid profitability. While mounting expenses mainly owing to higher compensation and employee benefit costs are expected to hurt its bottom line, enhanced capital deployment activities and exposure in international markets keeps us encouraged.”
Several other equities research analysts also recently weighed in on the stock. ValuEngine downgraded shares of State Street Corporation from a buy rating to a hold rating in a research report on Friday, November 10th. Morgan Stanley raised their price target on shares of State Street Corporation from $90.00 to $105.00 and gave the company an equal weight rating in a research report on Tuesday, October 24th. Royal Bank Of Canada reduced their price target on shares of State Street Corporation from $104.00 to $95.00 and set a sector perform rating for the company in a research report on Tuesday, October 24th. Citigroup Inc. reissued a neutral rating and set a $102.00 price target (up previously from $88.00) on shares of State Street Corporation in a research report on Monday, October 9th. Finally, Jefferies Group LLC reissued a hold rating and set a $100.00 price target on shares of State Street Corporation in a research report on Friday, September 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $96.47.
Shares of State Street Corporation (STT) traded down $0.09 on Tuesday, hitting $92.31. 1,932,184 shares of the company traded hands, compared to its average volume of 1,972,659. The company has a market capitalization of $34,270.00, a P/E ratio of 15.04, a P/E/G ratio of 1.56 and a beta of 1.35. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street Corporation has a 12 month low of $74.45 and a 12 month high of $99.99.
State Street Corporation (NYSE:STT) last announced its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.10. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. State Street Corporation had a net margin of 20.56% and a return on equity of 13.03%. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.35 earnings per share. equities analysts predict that State Street Corporation will post 6.25 earnings per share for the current fiscal year.
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In other news, Chairman Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total transaction of $2,315,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of the business’s 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 own 0.71% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of State Street Corporation by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after buying an additional 448,658 shares in the last quarter. FMR LLC lifted its stake in shares of State Street Corporation by 10.8% during the 2nd quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after buying an additional 1,940,536 shares in the last quarter. Longview Partners Guernsey LTD lifted its stake in shares of State Street Corporation by 6.5% during the 3rd quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock valued at $770,313,000 after buying an additional 493,244 shares in the last quarter. Capital International Investors lifted its stake in shares of State Street Corporation by 63.3% during the 3rd quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock valued at $551,383,000 after buying an additional 2,237,595 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its stake in shares of State Street Corporation by 44.8% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock valued at $427,133,000 after buying an additional 1,383,249 shares in the last quarter. Institutional investors own 88.15% of the company’s stock.
About State Street Corporation
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.
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