State Street (NYSE:STT) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of State Street (NYSE:STT) from a hold rating to a buy rating in a research note issued to investors on Tuesday.

A number of other research firms also recently weighed in on STT. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and increased their target price for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Wells Fargo & Company raised their price objective on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Barclays lifted their price target on shares of State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley upgraded State Street from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $102.00 to $139.00 in a research note on Monday. Two analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $97.32.

State Street Stock Performance

Shares of NYSE STT opened at $100.64 on Tuesday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The firm’s 50-day moving average price is $94.12 and its 200-day moving average price is $84.97. State Street has a 52-week low of $70.20 and a 52-week high of $101.91. The company has a market cap of $29.50 billion, a PE ratio of 15.75, a PEG ratio of 1.22 and a beta of 1.44.

State Street (NYSE:STT) last announced its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share 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 analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.93 EPS. As a group, analysts anticipate that State Street will post 8.42 EPS for the current year.

Insider Buying and Selling

In other news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Plansky sold 13,859 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the sale, the executive vice president now owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 20.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,460 shares of company stock worth $2,499,860. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Hedge funds have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC purchased a new position in shares of State Street during the second quarter valued at approximately $27,000. Coastline Trust Co bought a new position in State Street in the 3rd quarter valued at $44,000. Capital Performance Advisors LLP purchased a new stake in State Street in the third quarter worth $54,000. Family Firm Inc. bought a new stake in shares of State Street during the second quarter worth $61,000. Finally, LRI Investments LLC boosted its stake in shares of State Street by 202.7% during the second quarter. LRI Investments LLC now owns 993 shares of the asset manager’s stock valued at $73,000 after purchasing an additional 665 shares during the period. 87.44% of the stock is currently owned by institutional investors.

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.