BMO Capital Markets Upgrades State Street (NYSE:STT) to Strong-Buy

State Street (NYSE:STT) was upgraded by research analysts at BMO Capital Markets to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other equities analysts also recently issued reports about the company. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Wells Fargo & Company raised their price target on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Citigroup raised State Street from a “neutral” rating to a “buy” rating and raised their price target for the company from $115.00 to $130.00 in a report on Friday, September 5th. Truist Financial raised their price target on State Street from $125.00 to $133.00 and gave the company a “buy” rating in a report on Thursday. Finally, Morgan Stanley reissued an “overweight” rating and set a $162.00 price target on shares of State Street in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $122.67.

State Street Price Performance

NYSE STT opened at $116.35 on Thursday. The company has a market capitalization of $33.01 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The business’s fifty day moving average is $112.83 and its 200 day moving average is $101.38. State Street has a fifty-two week low of $72.81 and a fifty-two week high of $118.06.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.15 earnings per share. Sell-side analysts predict that State Street will post 9.68 earnings per share for the current year.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On State Street

Several large investors have recently made changes to their positions in the company. Aaron Wealth Advisors LLC increased its holdings in shares of State Street by 289.8% in the third quarter. Aaron Wealth Advisors LLC now owns 10,318 shares of the asset manager’s stock worth $1,197,000 after purchasing an additional 7,671 shares during the last quarter. GAMMA Investing LLC grew its position in State Street by 19.0% in the third quarter. GAMMA Investing LLC now owns 6,401 shares of the asset manager’s stock worth $743,000 after acquiring an additional 1,020 shares in the last quarter. Corient Private Wealth LLC grew its position in State Street by 0.4% in the second quarter. Corient Private Wealth LLC now owns 171,677 shares of the asset manager’s stock worth $18,256,000 after acquiring an additional 747 shares in the last quarter. Valeo Financial Advisors LLC grew its position in State Street by 15.2% in the second quarter. Valeo Financial Advisors LLC now owns 3,614 shares of the asset manager’s stock worth $384,000 after acquiring an additional 476 shares in the last quarter. Finally, Osaic Holdings Inc. grew its position in State Street by 42.8% in the second quarter. Osaic Holdings Inc. now owns 32,130 shares of the asset manager’s stock worth $3,414,000 after acquiring an additional 9,625 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

About State Street

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.