Analysts Set State Street Corporation (STT) PT at $96.07
State Street Corporation (NYSE:STT) has received an average recommendation of “Hold” from the eighteen analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation, five have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $97.29.
A number of research analysts have recently commented on STT shares. Zacks Investment Research downgraded shares of State Street from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research note on Tuesday. Morgan Stanley upped their price objective on shares of State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Finally, Royal Bank of Canada dropped their target price on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 24th.
State Street (STT) traded up $1.00 during midday trading on Friday, hitting $99.18. 2,783,614 shares of the stock were exchanged, compared to its average volume of 1,960,627. State Street has a one year low of $74.45 and a one year high of $100.90. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48. The firm has a market cap of $36,123.20, a P/E ratio of 16.05, a P/E/G ratio of 1.66 and a beta of 1.35.
State Street (NYSE:STT) last posted its quarterly earnings data on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.10. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter in the prior year, the company posted $1.35 EPS. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. analysts expect that State Street will post 6.25 EPS for the current fiscal year.
In related news, insider Andrew Erickson sold 354 shares of the stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was 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. In the last three months, insiders have sold 28,724 shares of company stock valued at $2,659,741. Corporate insiders own 0.71% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STT. Capital International Investors boosted its holdings in State Street by 63.3% in the 3rd quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock worth $551,383,000 after acquiring an additional 2,237,595 shares during the period. FMR LLC boosted its holdings in State Street by 10.8% in the 2nd quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock worth $1,793,591,000 after acquiring an additional 1,940,536 shares during the period. Artisan Partners Limited Partnership boosted its holdings in State Street by 44.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock worth $427,133,000 after acquiring an additional 1,383,249 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in State Street by 103.0% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,839,323 shares of the asset manager’s stock worth $165,042,000 after acquiring an additional 933,038 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in State Street by 27.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,908,094 shares of the asset manager’s stock worth $278,625,000 after acquiring an additional 630,368 shares during the period. Hedge funds and other institutional investors own 88.10% of the company’s stock.
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About State Street
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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