State Street (NYSE:STT) Raised to “Peer Perform” at Wolfe Research

State Street (NYSE:STT) was upgraded by equities researchers at Wolfe Research from an “underperform” rating to a “peer perform” rating in a research note issued on Monday, MarketBeat reports.

Several other analysts have also weighed in on STT. Barclays lifted their target price on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research note on Friday, December 20th. Evercore ISI raised their target price on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company upped their price target on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Finally, Truist Financial cut their price objective on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $100.73.

State Street Stock Up 1.6 %

NYSE STT opened at $99.09 on Monday. State Street has a twelve month low of $70.20 and a twelve month high of $101.91. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market cap of $29.05 billion, a PE ratio of 12.03, a PEG ratio of 1.11 and a beta of 1.43. The firm has a 50-day simple moving average of $98.00 and a 200 day simple moving average of $90.58.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3,267,560 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.04 EPS. On average, research analysts forecast that State Street will post 9.43 EPS for the current year.

Insider Activity at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in STT. Peapack Gladstone Financial Corp raised its stake in State Street by 2.0% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after buying an additional 103 shares during the period. Rockland Trust Co. increased its position in shares of State Street by 1.8% during the third quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock worth $737,000 after acquiring an additional 150 shares in the last quarter. Empirical Finance LLC lifted its position in State Street by 1.4% in the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock valued at $997,000 after acquiring an additional 158 shares in the last quarter. ST Germain D J Co. Inc. increased its holdings in State Street by 6.7% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock worth $282,000 after purchasing an additional 180 shares in the last quarter. Finally, Citizens Financial Group Inc. RI raised its stake in shares of State Street by 3.3% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 5,790 shares of the asset manager’s stock valued at $512,000 after purchasing an additional 184 shares during the period. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

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.