State Street Corporation (NYSE:STT) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• State Street Corporation has received a consensus recommendation of “Moderate Buy” from analysts, with eleven out of seventeen recommending a buy or strong buy on the stock.
• Recent upgrades include a boost from Zacks Research to a “strong-buy” rating and target price increases by various firms, with Goldman Sachs now targeting $130 and Wells Fargo increasing theirs to $129.
• The company's latest quarterly earnings report showed $2.78 EPS, exceeding analysts' forecasts and reflecting an 8.8% revenue growth compared to the same period last year.

Shares of State Street Corporation (NYSE:STT - Get Free Report) have earned an average rating of "Moderate Buy" from the seventeen analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation, eleven have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $125.4167.

A number of research analysts have recently issued reports on the company. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a report on Friday, October 3rd. BMO Capital Markets assumed coverage on State Street in a report on Friday, October 3rd. They issued an "outperform" rating and a $130.00 price target on the stock. The Goldman Sachs Group boosted their target price on State Street from $109.00 to $130.00 and gave the stock a "buy" rating in a research note on Monday, October 6th. Wells Fargo & Company boosted their target price on State Street from $121.00 to $129.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Evercore ISI boosted their target price on State Street from $117.00 to $128.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 30th.

State Street Trading Down 0.8%

Shares of NYSE:STT opened at $114.41 on Wednesday. State Street has a 12-month low of $72.81 and a 12-month high of $118.24. The business's fifty day simple moving average is $113.77 and its 200-day simple moving average is $103.62. The company has a market capitalization of $32.46 billion, a PE ratio of 12.11, a P/E/G ratio of 1.18 and a beta of 1.46. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business had revenue of $13 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same period last year, the business posted $2.26 EPS. The business's revenue was up 8.8% compared to the same quarter last year. As a group, equities research analysts predict that State Street will post 9.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brown Advisory Inc. grew its stake in State Street by 0.5% during the 2nd quarter. Brown Advisory Inc. now owns 17,224 shares of the asset manager's stock worth $1,832,000 after buying an additional 93 shares during the last quarter. Global Retirement Partners LLC grew its stake in State Street by 7.7% during the 3rd quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager's stock worth $171,000 after buying an additional 105 shares during the last quarter. Security National Bank of SO Dak grew its stake in State Street by 0.5% during the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager's stock worth $2,289,000 after buying an additional 105 shares during the last quarter. Harbour Investments Inc. grew its stake in State Street by 11.7% during the 2nd quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager's stock valued at $108,000 after purchasing an additional 106 shares during the last quarter. Finally, McAdam LLC grew its stake in State Street by 1.7% during the 2nd quarter. McAdam LLC now owns 6,650 shares of the asset manager's stock valued at $707,000 after purchasing an additional 111 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other 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.

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