State Street (NYSE:STT) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of State Street (NYSE:STT) from a hold rating to a buy rating in a research report released on Wednesday.

A number of other research analysts have also weighed in on STT. The Goldman Sachs Group boosted their target price 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. Deutsche Bank Aktiengesellschaft increased their target price on State Street from $79.00 to $87.00 and gave the company a “hold” rating in a research note on Monday, September 23rd. Morgan Stanley lifted their price target on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday. 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. Finally, Citigroup boosted their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Two equities 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $91.39.

State Street Price Performance

NYSE STT opened at $91.43 on Wednesday. The firm has a market cap of $27.54 billion, a P/E ratio of 17.12, a price-to-earnings-growth ratio of 1.29 and a beta of 1.48. The stock’s 50-day moving average is $85.89 and its two-hundred day moving average is $79.54. State Street has a fifty-two week low of $62.78 and a fifty-two week high of $94.60. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54.

State Street (NYSE:STT) last announced its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the prior year, the business earned $1.93 earnings per share. The company’s revenue was up 21.1% on a year-over-year basis. On average, analysts anticipate that State Street will post 8.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On State Street

Several large investors have recently modified their holdings of STT. LSV Asset Management boosted its stake in State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after buying an additional 1,238,251 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of State Street by 541.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after purchasing an additional 634,422 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of State Street by 430.5% in the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after purchasing an additional 596,567 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of State Street by 168.7% during the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock worth $62,469,000 after purchasing an additional 507,270 shares in the last quarter. Finally, Metropolis Capital Ltd lifted its holdings in State Street by 13.1% during the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after purchasing an additional 479,205 shares during the last quarter. 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.