State Street (NYSE:STT) Raised to “Strong-Buy” at Zacks Research

by · The Markets Daily

State Street (NYSE:STT – Get Free Report) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research firms have also weighed in on STT. Argus raised their price objective on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Royal Bank Of Canada upped their target price on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Bank of America raised their price target on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Barclays boosted their price objective on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Finally, UBS Group set a $176.00 price objective on State Street in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.72.

Get Our Latest Stock Analysis on State Street

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 – Get Free Report) 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. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.04 earnings per share. Equities research analysts anticipate that State Street will post 13.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street 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 transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 25,265 shares of company stock worth $3,935,103. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On State Street

Several hedge funds have recently added to or reduced their stakes in the company. Wilkerson Advisory Group LLC bought a new position in shares of State Street during the fourth quarter valued at approximately $29,000. JPL Wealth Management LLC bought a new stake in shares of State Street during the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. purchased a new position in State Street during the 4th quarter valued at $30,000. Elevation Wealth Partners LLC boosted its holdings in State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 106 shares during the period. Finally, Whipplewood Advisors LLC bought a new position in State Street in the 1st quarter valued at $34,000. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

(Get Free Report)

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.

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