State Street (NYSE:STT) Stock Rating Upgraded by Zacks Research

State Street (NYSE:STT) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the stock. Citigroup upped their price target on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. JPMorgan Chase & Co. lifted their target price on State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. Wells Fargo & Company boosted their price target on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Finally, UBS Group set a $176.00 price objective on State Street in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.72.

State Street Stock Performance

Shares of STT opened at $185.26 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a market cap of $51.27 billion, a P/E ratio of 16.34, a P/E/G ratio of 0.77 and a beta of 1.42. The business’s 50 day moving average price is $167.80 and its 200-day moving average price is $145.33. State Street has a 52 week low of $104.64 and a 52 week high of $192.51.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business earned $2.04 earnings per share. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. Equities research analysts anticipate that State Street will post 13.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares of the company’s stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 25,265 shares of company stock valued at $3,935,103. Insiders own 0.27% of the company’s stock.

Institutional Trading of State Street

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Regents of The University of California increased its position in shares of State Street by 211.2% in the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after buying an additional 5,908,370 shares in the last quarter. Norges Bank purchased a new position in shares of State Street during the 4th quarter worth approximately $303,483,000. Pinebridge Investments LLC acquired a new stake in shares of State Street in the fourth quarter valued at $178,705,000. Victory Capital Management Inc. raised its holdings in shares of State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after buying an additional 1,074,174 shares during the period. Finally, Two Sigma Investments LP grew its position in State Street by 261.0% in the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after acquiring an additional 880,507 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Company Profile

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.