State Street (STT) Upgraded by Citigroup to Buy
State Street (NYSE:STT) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday, Marketbeat reports. The firm presently has a $102.00 price objective on the asset manager’s stock. Citigroup’s price target points to a potential downside of 4.89% from the stock’s previous close.
Several other research analysts have also recently issued reports on STT. Jefferies Group reaffirmed a “hold” rating and set a $100.00 target price on shares of State Street in a research report on Friday, September 15th. Zacks Investment Research cut State Street from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Royal Bank of Canada cut their target price on State Street from $104.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 24th. Morgan Stanley lifted their target price on State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 24th. Finally, ValuEngine cut State Street from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $101.13.
Shares of State Street (NYSE:STT) traded up $1.49 during trading on Wednesday, reaching $107.24. The company’s stock had a trading volume of 1,480,000 shares, compared to its average volume of 1,580,000. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street has a 12-month low of $74.45 and a 12-month high of $107.57. The firm has a market capitalization of $39,770.00, a PE ratio of 18.55, a PEG ratio of 1.40 and a beta of 1.35.
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, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.10. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.94 billion. State Street had a return on equity of 13.03% and a net margin of 20.56%. State Street’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.35 earnings per share. analysts expect that State Street will post 6.27 earnings per share for the current fiscal year.
In other State Street news, Chairman Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total value of $2,315,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total value of $296,448.00. 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.
A number of hedge funds have recently bought and sold shares of STT. Raymond James Trust N.A. raised its stake in shares of State Street by 0.5% in the second quarter. Raymond James Trust N.A. now owns 3,250 shares of the asset manager’s stock valued at $291,000 after buying an additional 17 shares during the period. Stephens Inc. AR raised its stake in shares of State Street by 1.6% in the second quarter. Stephens Inc. AR now owns 4,793 shares of the asset manager’s stock valued at $430,000 after buying an additional 76 shares during the period. Peapack Gladstone Financial Corp raised its stake in shares of State Street by 3.0% in the second quarter. Peapack Gladstone Financial Corp now owns 3,483 shares of the asset manager’s stock valued at $313,000 after buying an additional 100 shares during the period. MML Investors Services LLC raised its stake in shares of State Street by 3.7% in the second quarter. MML Investors Services LLC now owns 5,703 shares of the asset manager’s stock valued at $512,000 after buying an additional 203 shares during the period. Finally, Bank of Hawaii raised its stake in shares of State Street by 4.8% in the second quarter. Bank of Hawaii now owns 8,818 shares of the asset manager’s stock valued at $791,000 after buying an additional 403 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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