State Street (NYSE:STT) Rating Increased to Outperform at Keefe, Bruyette & Woods

State Street (NYSE:STT) was upgraded by research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday,Briefing.com Automated Import reports. The firm currently has a $120.00 target price on the asset manager’s stock, up from their prior target price of $105.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 22.41% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group increased their price target on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Monday. Wells Fargo & Company lifted their target price on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Evercore ISI increased their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Barclays upped their target price on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $94.68.

State Street Price Performance

State Street stock opened at $98.03 on Tuesday. The company’s 50 day moving average price is $92.42 and its two-hundred day moving average price is $83.79. The stock has a market cap of $28.74 billion, a P/E ratio of 15.49, a P/E/G ratio of 1.22 and a beta of 1.44. State Street has a 52 week low of $70.20 and a 52 week high of $99.50. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last announced its earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm’s revenue was up 21.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.93 earnings per share. On average, equities analysts predict that State Street will post 8.42 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,460 shares of company stock worth $2,499,860 in the last quarter. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

Several institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of State Street by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after purchasing an additional 41,442 shares during the period. FMR LLC raised its position in shares of State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after acquiring an additional 1,354,560 shares during the last quarter. LSV Asset Management boosted its stake in shares of State Street by 30.6% during the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after acquiring an additional 1,238,251 shares during the last quarter. Finally, Metropolis Capital Ltd grew its position in State Street by 3.9% during the 3rd quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock worth $379,209,000 after purchasing an additional 161,466 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

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.