JPMorgan Chase & Co. Forecasts Strong Price Appreciation for State Street (NYSE:STT) Stock

State Street (NYSE:STT) had its price objective lifted by equities research analysts at JPMorgan Chase & Co. from $187.00 to $187.50 in a research report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 6.74% from the company’s current price.

Several other analysts have also issued reports on the stock. Barclays upped their price target on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Wells Fargo & Company increased their price objective on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Royal Bank Of Canada boosted their target price on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. Weiss Ratings upgraded State Street from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, September 14th. Finally, Bank of America boosted their target price on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $185.41.

State Street Stock Up 0.6%

Shares of State Street stock traded up $1.04 during trading hours on Friday, reaching $175.66. 406,301 shares of the company’s stock were exchanged, compared to its average volume of 2,106,004. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a 50 day moving average of $186.62 and a two-hundred day moving average of $166.03. The stock has a market cap of $48.26 billion, a P/E ratio of 15.50, a P/E/G ratio of 0.83 and a beta of 1.41. State Street has a fifty-two week low of $104.64 and a fifty-two week high of $195.93.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the company posted $2.04 earnings per share. State Street’s revenue was up 23.3% on a year-over-year basis. On average, sell-side analysts forecast that State Street will post 13.74 EPS for the current fiscal year.

Insider Transactions at State Street

In other news, EVP W. Hu sold 9,758 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently modified their holdings of STT. Western Wealth Management LLC grew its position in State Street by 3.1% during the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after purchasing an additional 60 shares during the last quarter. CX Institutional lifted its stake in shares of State Street by 1.0% during the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock worth $1,660,000 after buying an additional 98 shares during the period. Greenleaf Trust lifted its stake in shares of State Street by 0.6% during the second quarter. Greenleaf Trust now owns 17,295 shares of the asset manager’s stock worth $2,933,000 after buying an additional 99 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in shares of State Street by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after buying an additional 100 shares during the last quarter. Finally, Bridgewater Advisors Inc. grew its holdings in shares of State Street by 5.5% during the first quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager’s stock valued at $246,000 after buying an additional 101 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

About State Street

State Street Corporation (NYSE: STT) is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.