State Street’s (STT) “Buy” Rating Reiterated at TD Cowen

State Street (NYSE:STT)‘s stock had its “buy” rating reissued by research analysts at TD Cowen in a research note issued on Thursday, Benzinga reports. They presently have a $205.00 price objective on the asset manager’s stock. TD Cowen’s price objective would suggest a potential upside of 17.35% from the company’s previous close.

Several other brokerages also recently commented on STT. Royal Bank Of Canada upped their price objective on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. BMO Capital Markets reduced their price target on shares of State Street from $212.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday. Weiss Ratings cut shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday. Keefe, Bruyette & Woods boosted their price target on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Finally, Barclays increased 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. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $193.38.

State Street Price Performance

STT stock opened at $174.69 on Thursday. The stock has a market cap of $47.99 billion, a PE ratio of 15.35, a P/E/G ratio of 0.83 and a beta of 1.41. State Street has a 12 month low of $104.64 and a 12 month high of $195.93. The company has a 50-day moving average price of $186.09 and a 200 day moving average price of $167.57. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04.

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, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.04 earnings per share. Equities research analysts anticipate that State Street will post 13.8 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP W. Hu sold 9,758 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company’s stock.

Institutional Trading of State Street

Institutional investors have recently modified their holdings of the company. Western Wealth Management LLC increased its position in shares of State Street by 3.1% during the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after purchasing an additional 60 shares during the last quarter. CX Institutional grew its stake in shares of State Street by 1.0% in the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after buying an additional 98 shares in the last quarter. Greenleaf Trust grew its stake in shares of State Street by 0.6% in the second quarter. Greenleaf Trust now owns 17,295 shares of the asset manager’s stock valued at $2,933,000 after buying an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in State Street by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after buying an additional 100 shares during the last quarter. Finally, Bridgewater Advisors Inc. increased its holdings in State Street by 5.5% during the first quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager’s stock worth $246,000 after buying an additional 101 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

About State Street

State Street Corporation (NYSE: STT) is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.