State Street Corporation (NYSE:STT) Stock Has Average Target Price of $190.03

Shares of State Street Corporation (NYSE:STT) have earned a consensus recommendation of “Moderate Buy” from the sixteen research firms that are covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $190.03.

Several equities analysts have recently weighed in on STT shares. Bank of America lifted their price target on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Weiss Ratings downgraded State Street from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, October 6th. Wells Fargo & Company boosted their price target on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 18th. Finally, Evercore set a $200.00 price objective on shares of State Street in a research report on Monday, July 20th.

State Street Trading Up 0.1%

NYSE STT opened at $169.47 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.02. The business has a fifty day simple moving average of $179.39 and a 200 day simple moving average of $159.09. State Street has a 12 month low of $111.63 and a 12 month high of $195.93. The firm has a market capitalization of $46.11 billion, a P/E ratio of 12.88, a PEG ratio of 0.78 and a beta of 1.38.

State Street (NYSE:STT) last announced its quarterly earnings data on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.68 by $0.01. State Street had a return on equity of 16.11% and a net margin of 15.81%. The firm had revenue of $4 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the company earned $2.78 EPS. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, analysts predict that State Street will post 13.77 EPS for the current fiscal year.

Insider Activity

In other news, EVP W. Hu sold 7,099 shares of the company’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $168.63, for a total value of $1,197,104.37. Following the transaction, the executive vice president owned 42,695 shares in the company, valued at approximately $7,199,657.85. This represents a 14.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,554 shares of the company’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total transaction of $2,395,588.40. Following the transaction, the chief executive officer owned 215,905 shares in the company, valued at $35,537,963. This represents a 6.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On State Street

Institutional investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its position in State Street by 11.2% during the 3rd quarter. Brighton Jones LLC now owns 5,716 shares of the asset manager’s stock valued at $998,000 after acquiring an additional 575 shares in the last quarter. Ethic Inc. increased its stake in shares of State Street by 15.8% in the 3rd quarter. Ethic Inc. now owns 94,698 shares of the asset manager’s stock valued at $16,533,000 after purchasing an additional 12,894 shares in the last quarter. StoneX Group Inc. purchased a new stake in shares of State Street in the third quarter valued at approximately $675,000. Pictet Asset Management Holding SA increased its stake in shares of State Street by 8.0% in the 3rd quarter. Pictet Asset Management Holding SA now owns 174,411 shares of the asset manager’s stock worth $30,450,000 after acquiring an additional 12,960 shares during the last quarter. Finally, AlphaCentric Advisors LLC acquired a new stake in State Street during the third quarter worth about $276,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

About State Street

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.