State Street Corporation (NYSE:STT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $102.00 target price on the asset manager’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.35% from the company’s current price.
According to Zacks, “Shares of State Street have outperformed the industry over the past six months. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. The company’s third quarter 2017 results benefited from higher revenues and rise in assets under management, partially offset by increase in expenses. New business wins, efforts to improve efficiency through its multi-year restructuring plan, synergies from GE Asset Management deal and easing margin pressure are likely to aid profitability. While mounting expenses mainly owing to higher compensation and employee benefit costs are expected to hurt its bottom line, enhanced capital deployment activities and exposure in international markets keeps us encouraged.”
Other research analysts also recently issued reports about the company. Morgan Stanley upped their price target on State Street Corporation from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 24th. Jefferies Group LLC restated a “hold” rating and issued a $100.00 price target on shares of State Street Corporation in a research note on Friday, September 15th. Keefe, Bruyette & Woods set a $93.00 price target on State Street Corporation and gave the stock a “hold” rating in a research note on Monday, August 28th. ValuEngine downgraded State Street Corporation from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Citigroup Inc. restated a “neutral” rating and issued a $102.00 price target (up from $88.00) on shares of State Street Corporation in a research note on Monday, October 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. State Street Corporation currently has a consensus rating of “Hold” and an average price target of $96.47.
State Street Corporation (STT) traded up $0.14 during trading on Tuesday, reaching $90.79. 1,444,800 shares of the company traded hands, compared to its average volume of 1,970,941. The stock has a market cap of $33,616.35, a price-to-earnings ratio of 14.93, a price-to-earnings-growth ratio of 1.55 and a beta of 1.36. State Street Corporation has a one year low of $74.45 and a one year high of $99.99. 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 Corporation (NYSE:STT) last posted its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.10. State Street Corporation had a return on equity of 13.03% and a net margin of 20.56%. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the prior year, the company posted $1.35 EPS. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. analysts predict that State Street Corporation will post 6.25 EPS for the current fiscal year.
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In related news, Chairman Joseph L. Hooley sold 25,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total transaction of $2,315,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction on Thursday, November 2nd. The shares were 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. Insiders have sold a total of 28,814 shares of company stock worth $2,668,773 in the last 90 days. 0.71% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Asset Management One Co. Ltd. raised its holdings in State Street Corporation by 0.9% during the 3rd quarter. Asset Management One Co. Ltd. now owns 615,698 shares of the asset manager’s stock valued at $58,836,000 after buying an additional 5,213 shares during the period. Engineers Gate Manager LP purchased a new stake in State Street Corporation during the 3rd quarter valued at $1,199,000. Synovus Financial Corp raised its holdings in State Street Corporation by 12.9% during the 3rd quarter. Synovus Financial Corp now owns 8,118 shares of the asset manager’s stock valued at $777,000 after buying an additional 926 shares during the period. Private Advisor Group LLC raised its holdings in State Street Corporation by 177.3% during the 3rd quarter. Private Advisor Group LLC now owns 7,331 shares of the asset manager’s stock valued at $718,000 after buying an additional 4,687 shares during the period. Finally, Invictus RG raised its holdings in State Street Corporation by 3,922.4% during the 3rd quarter. Invictus RG now owns 3,057 shares of the asset manager’s stock valued at $292,000 after buying an additional 2,981 shares during the period. Institutional investors own 88.15% of the company’s stock.
State Street Corporation Company Profile
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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