State Street (NYSE:STT) Price Target Raised to $155.00

by · The Markets Daily

State Street (NYSE:STT – Get Free Report) had its price target raised by investment analysts at TD Cowen from $135.00 to $155.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the asset manager’s stock. TD Cowen’s price objective suggests a potential upside of 16.74% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Loop Capital set a $144.00 price objective on shares of State Street in a research note on Tuesday. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday. Truist Financial reiterated a “hold” rating and issued a $138.00 price objective (up from $131.00) on shares of State Street in a report on Wednesday. Cowen restated a “buy” rating on shares of State Street in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $133.77.

Read Our Latest Report on State Street

State Street Stock Performance

Shares of STT traded down $1.55 during mid-day trading on Wednesday, reaching $132.77. 638,522 shares of the company’s stock traded hands, compared to its average volume of 1,872,301. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.59 and a current ratio of 0.59. The business’s 50-day moving average price is $122.69 and its 200-day moving average price is $115.72. The stock has a market capitalization of $37.09 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 1.10 and a beta of 1.43. State Street has a 12 month low of $72.81 and a 12 month high of $134.67.

State Street (NYSE:STT – Get Free Report) last posted its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same period last year, the firm earned $2.26 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. Equities analysts predict that State Street will post 9.68 earnings per share for the current year.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the sale, the executive vice president owned 38,626 shares in the company, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Regents of The University of California purchased a new stake in State Street in the 3rd quarter worth about $324,576,000. Norges Bank purchased a new stake in shares of State Street in the second quarter worth approximately $256,367,000. Two Sigma Investments LP lifted its position in shares of State Street by 261.0% in the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after purchasing an additional 880,507 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of State Street by 36.8% during the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock worth $318,754,000 after purchasing an additional 738,456 shares during the period. Finally, Jupiter Asset Management Ltd. purchased a new position in State Street during the third quarter valued at approximately $62,092,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

About State Street

(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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