Zacks Investment Research reaffirmed their hold rating on shares of State Street (NYSE:STT) in a research report sent to investors on Friday morning.

According to Zacks, “Shares of State Street have significantly underperformed the industry over the past six months. Yet, it has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Its third-quarter 2018 results show improvement in revenues and asset growth, while an increase in expenses was a headwind. The company's new business wins, rising interest rates, strategic acquisitions and strong balance sheet are likely to continue supporting its profitability. However, uncertainty about the performance of capital markets, which is expected to impact its trading services revenues makes us apprehensive. Further, mounting expenses, despite the company's cost control efforts, is a major concern.”

Several other research analysts have also recently issued reports on STT. Royal Bank of Canada reissued a hold rating and issued a $105.00 target price on shares of State Street in a research report on Friday, July 20th. Keefe, Bruyette & Woods reissued a buy rating and issued a $100.00 target price on shares of State Street in a research report on Monday, July 23rd. Barclays dropped their target price on State Street from $120.00 to $110.00 and set a $87.02 rating on the stock in a research report on Monday, July 23rd. Credit Suisse Group dropped their target price on State Street from $110.00 to $103.00 and set a $87.02 rating on the stock in a research report on Monday, July 23rd. Finally, Jefferies Financial Group reissued a hold rating and issued a $91.00 target price on shares of State Street in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $102.47.

Shares of NYSE:STT opened at $71.77 on Friday. The stock has a market capitalization of $27.19 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 1.05 and a beta of 1.34. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.50 and a current ratio of 0.50. State Street has a 52-week low of $65.81 and a 52-week high of $114.27.

State Street (NYSE:STT) last announced its earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.89 by ($0.02). The firm had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $3.02 billion. State Street had a return on equity of 14.99% and a net margin of 19.90%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.71 earnings per share. As a group, equities analysts anticipate that State Street will post 7.43 EPS for the current year.

In other news, EVP Louis D. Maiuri purchased 740 shares of the company’s stock in a transaction on Wednesday, October 24th. The stock was acquired at an average cost of $67.60 per share, for a total transaction of $50,024.00. Following the completion of the transaction, the executive vice president now directly owns 45,314 shares in the company, valued at approximately $3,063,226.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Saint-Aignan Patrick De purchased 500 shares of the company’s stock in a transaction on Tuesday, October 23rd. The stock was purchased at an average price of $68.62 per share, with a total value of $34,310.00. Following the completion of the transaction, the director now owns 25,138 shares of the company’s stock, valued at $1,724,969.56. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of STT. Xact Kapitalforvaltning AB boosted its position in shares of State Street by 15.4% in the second quarter. Xact Kapitalforvaltning AB now owns 96,524 shares of the asset manager’s stock worth $8,985,000 after purchasing an additional 12,912 shares during the period. Atria Investments LLC boosted its position in shares of State Street by 10.1% in the second quarter. Atria Investments LLC now owns 14,399 shares of the asset manager’s stock worth $1,340,000 after purchasing an additional 1,320 shares during the period. Fox Run Management L.L.C. bought a new position in shares of State Street in the second quarter worth approximately $329,000. Calamos Advisors LLC boosted its position in shares of State Street by 13.1% in the second quarter. Calamos Advisors LLC now owns 55,900 shares of the asset manager’s stock worth $5,204,000 after purchasing an additional 6,495 shares during the period. Finally, Boston Advisors LLC boosted its position in shares of State Street by 9.5% in the second quarter. Boston Advisors LLC now owns 38,777 shares of the asset manager’s stock worth $3,610,000 after purchasing an additional 3,360 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

State Street Company Profile

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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

Featured Article: What is the quiet period?

Get a free copy of the Zacks research report on State Street (STT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for State Street (NYSE:STT)

Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.