State Street (NYSE:STT) had its price target upped by equities researchers at Barclays from $104.00 to $120.00 in a report issued on Tuesday, January 2nd, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the asset manager’s stock. Barclays’ price objective would indicate a potential upside of 11.90% from the company’s previous close.
STT has been the topic of a number of other research reports. Citigroup restated a “neutral” rating and set a $102.00 target price (up previously from $88.00) on shares of State Street in a research report on Monday, October 9th. Zacks Investment Research upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Tuesday, November 14th. Morgan Stanley lifted their price target on shares of State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 24th. ValuEngine lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Finally, Jefferies Group reiterated a “hold” rating and issued a $100.00 price target on shares of State Street in a report on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $101.13.
Shares of State Street (STT) opened at $107.24 on Tuesday. State Street has a 1 year low of $74.45 and a 1 year high of $107.57. The stock has a market cap of $39,227.11, a P/E ratio of 17.43, a P/E/G ratio of 1.38 and a beta of 1.36. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48.
State Street (NYSE:STT) last announced its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter last year, the business earned $1.35 earnings per share. State Street’s revenue was up 7.7% compared to the same quarter last year. analysts forecast that State Street will post 6.26 EPS for the current year.
In other news, Chairman Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total value of $2,315,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The disclosure for this sale can be found here. In the last three months, insiders sold 28,724 shares of company stock worth $2,659,741. Insiders own 0.71% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Raymond James Trust N.A. raised its stake in shares of State Street by 0.5% in the 2nd quarter. Raymond James Trust N.A. now owns 3,250 shares of the asset manager’s stock valued at $291,000 after acquiring an additional 17 shares during the period. Stephens Inc. AR increased its stake in State Street by 1.6% during the 2nd quarter. Stephens Inc. AR now owns 4,793 shares of the asset manager’s stock worth $430,000 after buying an additional 76 shares during the period. Peapack Gladstone Financial Corp increased its stake in State Street by 3.0% during the 2nd quarter. Peapack Gladstone Financial Corp now owns 3,483 shares of the asset manager’s stock worth $313,000 after buying an additional 100 shares during the period. Synovus Financial Corp increased its stake in State Street by 1.6% during the 2nd quarter. Synovus Financial Corp now owns 7,192 shares of the asset manager’s stock worth $648,000 after buying an additional 116 shares during the period. Finally, Bronfman E.L. Rothschild L.P. increased its stake in State Street by 15.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after buying an additional 168 shares during the period. 88.13% of the stock is currently owned by institutional investors and hedge funds.
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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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