Zacks Investment Research upgraded shares of State Street Corporation (NYSE:STT) from a hold rating to a buy rating in a research report report published on Tuesday morning. The brokerage currently has $102.00 price objective on the asset manager’s stock.
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.”
A number of other brokerages have also recently issued reports on STT. Morgan Stanley upped their target price on State Street Corporation from $90.00 to $105.00 and gave the stock an equal weight rating in a report on Tuesday, October 24th. Royal Bank Of Canada lowered their target price on State Street Corporation from $104.00 to $95.00 and set a sector perform rating for the company in a report on Tuesday, October 24th. Keefe, Bruyette & Woods set a $93.00 target price on State Street Corporation and gave the stock a hold rating in a report on Monday, August 28th. Citigroup Inc. reissued a neutral rating and issued a $102.00 price target (up previously from $88.00) on shares of State Street Corporation in a research note on Monday, October 9th. Finally, Jefferies Group LLC reissued a hold rating and issued a $100.00 price target on shares of State Street Corporation in a research note on Friday, September 15th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $96.47.
State Street Corporation (NYSE:STT) opened at $92.31 on Tuesday. State Street Corporation has a fifty-two week low of $74.45 and a fifty-two week high of $99.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. The stock has a market capitalization of $34,270.00, a PE ratio of 15.04, a price-to-earnings-growth ratio of 1.56 and a beta of 1.35.
State Street Corporation (NYSE:STT) last issued its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $2.94 billion. During the same quarter in the prior year, the firm earned $1.35 EPS. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. equities analysts forecast that State Street Corporation will post 6.25 earnings per share for the current year.
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In other State Street Corporation news, insider Andrew Erickson sold 354 shares of the stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $92.00, for a total value of $32,568.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Joseph L. Hooley sold 25,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total value of $2,315,000.00. The disclosure for this sale can be found here. Insiders have sold 28,554 shares of company stock valued at $2,644,016 in the last ninety days. 0.71% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the business. Raymond James Trust N.A. boosted its holdings in State Street Corporation by 26.5% in the third quarter. Raymond James Trust N.A. now owns 4,112 shares of the asset manager’s stock worth $393,000 after acquiring an additional 862 shares in the last quarter. Commonwealth Bank of Australia boosted its holdings in State Street Corporation by 5.8% in the second quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock worth $5,490,000 after acquiring an additional 3,365 shares in the last quarter. Delta Lloyd Asset Management N.V. bought a new position in State Street Corporation in the second quarter worth approximately $4,730,000. Boston Advisors LLC bought a new position in State Street Corporation in the third quarter worth approximately $13,279,000. Finally, Pennsylvania Trust Co boosted its holdings in State Street Corporation by 6.5% in the second quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock worth $361,000 after acquiring an additional 240 shares in the last quarter. Institutional investors and hedge funds own 88.15% of the company’s stock.
About State Street Corporation
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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