State Street (NYSE:STT) had its target price upped by equities research analysts at UBS Group from $96.00 to $98.00 in a report released on Monday, www.benzinga.com reports. The firm presently has a “buy” rating on the asset manager’s stock. UBS Group’s price target indicates a potential upside of 12.79% from the stock’s current price.
STT has been the subject of several other research reports. Morgan Stanley cut their target price on State Street from $117.00 to $113.00 and set an “equal weight” rating for the company in a research report on Monday, July 2nd. Jefferies Financial Group restated a “hold” rating and set a $91.00 target price on shares of State Street in a research report on Tuesday, July 24th. ValuEngine downgraded State Street from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Keefe, Bruyette & Woods restated a “market perform” rating on shares of State Street in a research report on Friday, August 3rd. Finally, Credit Suisse Group cut their target price on State Street from $110.00 to $103.00 and set a “$87.02” rating for the company in a research report on Monday, July 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $105.07.
Shares of NYSE:STT traded up $0.52 during trading on Monday, hitting $86.89. 14,403 shares of the stock were exchanged, compared to its average volume of 2,049,948. State Street has a 1-year low of $82.43 and a 1-year high of $114.27. The firm has a market capitalization of $30.65 billion, a PE ratio of 14.57, a PEG ratio of 1.00 and a beta of 1.22. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.54.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, July 20th. The asset manager reported $1.88 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.01 by ($0.13). State Street had a return on equity of 14.98% and a net margin of 19.56%. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same period in the previous year, the business posted $1.67 EPS. State Street’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, sell-side analysts predict that State Street will post 7.66 EPS for the current year.
In other news, insider Jeff D. Conway sold 343 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $83.16, for a total transaction of $28,523.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $83.01, for a total value of $2,075,250.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,954 shares of company stock valued at $2,237,777. Corporate insiders own 0.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Trust Co. of Vermont raised its position in shares of State Street by 15.8% during the second quarter. Trust Co. of Vermont now owns 4,252 shares of the asset manager’s stock worth $396,000 after acquiring an additional 580 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of State Street by 1.7% during the second quarter. Commonwealth Equity Services LLC now owns 35,179 shares of the asset manager’s stock worth $3,275,000 after purchasing an additional 604 shares during the period. IFP Advisors Inc grew its stake in shares of State Street by 17.8% during the second quarter. IFP Advisors Inc now owns 4,200 shares of the asset manager’s stock worth $391,000 after purchasing an additional 635 shares during the period. SRS Capital Advisors Inc. grew its stake in shares of State Street by 36.1% during the second quarter. SRS Capital Advisors Inc. now owns 2,431 shares of the asset manager’s stock worth $226,000 after purchasing an additional 645 shares during the period. Finally, Dowling & Yahnke LLC grew its stake in shares of State Street by 2.9% during the second quarter. Dowling & Yahnke LLC now owns 23,526 shares of the asset manager’s stock worth $2,190,000 after purchasing an additional 660 shares during the period. Institutional investors own 86.73% of the company’s stock.
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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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