Keefe, Bruyette & Woods Upgrades State Street (NYSE:STT) to “Outperform”

State Street (NYSE:STT) was upgraded by investment analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $120.00 price target on the asset manager’s stock, up from their prior price target of $105.00. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 23.24% from the company’s current price.

Several other research firms have also commented on STT. Wells Fargo & Company raised their price target on State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. The Goldman Sachs Group raised their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a report on Monday. Morgan Stanley lifted their target price on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, Evercore ISI lifted their target price on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.68.

State Street Trading Down 0.4 %

STT opened at $97.37 on Tuesday. State Street has a 52 week low of $70.20 and a 52 week high of $99.50. The business has a fifty day simple moving average of $92.96 and a 200-day simple moving average of $84.17. The firm has a market cap of $28.54 billion, a P/E ratio of 15.38, a P/E/G ratio of 1.21 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period last year, the business posted $1.93 earnings per share. The company’s quarterly revenue was up 21.1% on a year-over-year basis. On average, equities analysts expect that State Street will post 8.42 earnings per share for the current year.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the sale, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock worth $2,499,860 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

A number of hedge funds and other institutional investors have recently made changes to their positions in STT. Tidal Investments LLC increased its position in shares of State Street by 6.7% during the first quarter. Tidal Investments LLC now owns 7,135 shares of the asset manager’s stock worth $552,000 after purchasing an additional 448 shares in the last quarter. Cetera Investment Advisers boosted its holdings in State Street by 127.8% in the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares in the last quarter. Cetera Advisors LLC boosted its holdings in State Street by 546.5% in the 1st quarter. Cetera Advisors LLC now owns 21,018 shares of the asset manager’s stock valued at $1,625,000 after purchasing an additional 17,767 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of State Street by 79.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,832 shares of the asset manager’s stock worth $136,000 after acquiring an additional 809 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of State Street by 9.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after acquiring an additional 148 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.