State Street (NYSE:STT) Stock Gets Price Target Increase from JPMorgan Chase & Co.

Key Points

• JPMorgan raised State Street’s price target from $187.00 to $187.50 while maintaining a neutral rating, implying 6.74% potential upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average target price of $185.41; Wells Fargo and Keefe, Bruyette & Woods have set targets as high as $215.
• State Street reported quarterly EPS of $3.65, exceeding estimates of $3.34, while revenue rose 23.3% year over year to $4.05 billion. Shares traded at $175.66, up 0.6%.

State Street (NYSE:STT - Get Free Report) had its price objective lifted by stock analysts at JPMorgan Chase & Co. from $187.00 to $187.50 in a report released on Friday, Benzinga reports. The brokerage currently has a "neutral" rating on the asset manager's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 6.74% from the company's previous close.

Other analysts have also recently issued research reports about the company. Wells Fargo & Company lifted their price objective on State Street from $196.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. The Goldman Sachs Group raised their price target on State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods lifted their price target on State Street from $195.00 to $215.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Truist Financial reissued a "hold" rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, Zacks Research downgraded State Street from a "strong-buy" rating to a "hold" rating in a report on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $185.41.

State Street Stock Up 0.6%

Shares of NYSE STT traded up $1.04 during mid-day trading on Friday, reaching $175.66. The company had a trading volume of 406,301 shares, compared to its average volume of 2,106,004. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The company has a market capitalization of $48.26 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 0.83 and a beta of 1.41. The stock has a fifty day moving average of $186.62 and a two-hundred day moving average of $166.03. State Street has a 12-month low of $104.64 and a 12-month high of $195.93.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $2.04 earnings per share. The firm's revenue was up 23.3% on a year-over-year basis. As a group, equities research analysts expect that State Street will post 13.74 EPS for the current year.

Insider Activity at State Street

In related news, EVP W. Hu sold 9,758 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by corporate insiders.

Institutional Trading of State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. QRG Capital Management Inc. boosted its stake in shares of State Street by 14.5% in the 2nd quarter. QRG Capital Management Inc. now owns 50,753 shares of the asset manager's stock valued at $8,608,000 after purchasing an additional 6,420 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of State Street by 106.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 6,859 shares of the asset manager's stock valued at $1,163,000 after purchasing an additional 3,529 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in State Street by 4.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 426,809 shares of the asset manager's stock worth $72,387,000 after acquiring an additional 19,035 shares during the period. State Street Corp increased its holdings in State Street by 1.2% in the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager's stock valued at $2,296,098,000 after purchasing an additional 163,362 shares during the last quarter. Finally, Security National Bank of Sioux City Iowa IA increased its stake in shares of State Street by 27.0% in the 2nd quarter. Security National Bank of Sioux City Iowa IA now owns 24,958 shares of the asset manager's stock valued at $4,233,000 after acquiring an additional 5,313 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Company Profile

State Street Corporation NYSE: STT is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.

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