State Street (NYSE:STT) Now Covered by Citigroup

Equities researchers at Citigroup began coverage on shares of State Street (NYSE:STT) in a report released on Monday. The firm set a “buy” rating and a $150.00 price target on the asset manager’s stock. Citigroup’s price objective indicates a potential upside of 21.11% from the company’s current price.

Several other equities research analysts have also issued reports on STT. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. TD Cowen reissued a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Loop Capital set a $144.00 price target on State Street in a research note on Tuesday, January 6th. Finally, Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Stock Down 3.2%

Shares of STT stock traded down $4.09 during trading hours on Monday, hitting $123.86. 200,905 shares of the company were exchanged, compared to its average volume of 2,113,061. State Street has a 52 week low of $72.81 and a 52 week high of $137.05. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The business has a 50 day moving average of $130.09 and a two-hundred day moving average of $120.68. The company has a market capitalization of $34.52 billion, a PE ratio of 13.16, a PEG ratio of 1.12 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter last year, the business posted $2.60 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. Analysts anticipate that State Street will post 9.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Regents of The University of California grew its position in shares of State Street by 211.2% in the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares during the last quarter. Norges Bank acquired a new position in State Street in the 2nd quarter valued at $256,367,000. Pinebridge Investments LLC bought a new position in State Street during the 4th quarter worth $178,705,000. Victory Capital Management Inc. lifted its holdings in shares of State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after buying an additional 1,074,174 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in shares of State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after buying an additional 880,507 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.