State Street (NYSE:STT) Rating Increased to Neutral at Bank of America

State Street (NYSE:STT) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Monday,Finviz reports. The brokerage presently has a $143.00 price target on the asset manager’s stock. Bank of America‘s target price suggests a potential upside of 10.99% from the stock’s current price.

Several other research firms have also weighed in on STT. Citigroup started coverage on State Street in a research report on Monday, February 23rd. They issued a “buy” rating and a $150.00 price objective for the company. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Loop Capital set a $144.00 price objective on shares of State Street in a research note on Tuesday, January 6th. The Goldman Sachs Group reiterated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Finally, Truist Financial set a $136.00 target price on shares of State Street in a research note on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.67.

State Street Trading Up 0.0%

NYSE:STT opened at $128.84 on Monday. The firm’s fifty day moving average is $126.95 and its 200-day moving average is $123.31. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. State Street has a 52 week low of $72.81 and a 52 week high of $137.05. The firm has a market cap of $35.91 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.13 and a beta of 1.37.

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

Insider Buying and Selling at State Street

In related news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the transaction, the executive vice president owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On State Street

Several large investors have recently bought and sold shares of the stock. True Wealth Design LLC raised its holdings in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares during the last quarter. Wilkerson Advisory Group LLC bought a new stake in State Street in the 4th quarter worth about $29,000. JPL Wealth Management LLC purchased a new stake in State Street in the 3rd quarter valued at about $29,000. Phillip James Consulting Co. purchased a new stake in State Street in the 4th quarter valued at about $30,000. Finally, Flagship Wealth Advisors LLC bought a new position in shares of State Street during the 3rd quarter worth approximately $35,000. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

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.