State Street (NYSE:STT) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of State Street (NYSE:STT) from a hold rating to a buy rating in a report published on Wednesday.

Several other equities research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Bank of America lifted their target price on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Evercore ISI increased their price target on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday. Citigroup lifted their price objective on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Finally, Royal Bank of Canada increased their target price on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $91.39.

State Street Stock Up 1.2 %

Shares of STT opened at $92.93 on Wednesday. The business’s fifty day moving average price is $85.33 and its two-hundred day moving average price is $79.35. The firm has a market capitalization of $28.00 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 1.30 and a beta of 1.48. State Street has a 52 week low of $62.78 and a 52 week high of $94.60. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.93 earnings per share. On average, analysts predict that State Street will post 8.15 earnings per share for the current year.

Institutional Investors Weigh In On State Street

Institutional investors have recently added to or reduced their stakes in the stock. SageView Advisory Group LLC acquired a new stake in shares of State Street in the 4th quarter valued at about $479,000. ICA Group Wealth Management LLC acquired a new stake in State Street in the 4th quarter valued at approximately $81,000. B. Riley Wealth Advisors Inc. lifted its stake in State Street by 10.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 6,142 shares of the asset manager’s stock valued at $480,000 after acquiring an additional 559 shares in the last quarter. HighPoint Advisor Group LLC acquired a new position in State Street during the 4th quarter worth approximately $595,000. Finally, Nomura Holdings Inc. bought a new position in shares of State Street during the 4th quarter worth approximately $482,000. 87.44% of the stock is owned by institutional investors.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.