State Street (NYSE:STT) Earns Outperform Rating from Analysts at BMO Capital Markets

Key Points

• BMO Capital Markets has assigned an "outperform" rating to State Street (NYSE:STT), with a price target of $130.00, indicating a potential upside of 12.84% from its previous close.
• State Street's recent quarterly earnings surpassed expectations, reporting $2.53 earnings per share and a revenue of $3.47 billion, up 2.9% year-over-year.
• Overall, State Street has received positive ratings from multiple analysts, with ten rating it as a Buy, resulting in a consensus target price of $122.67.

Equities research analysts at BMO Capital Markets assumed coverage on shares of State Street (NYSE:STT - Get Free Report) in a report issued on Friday,Benzinga reports. The firm set an "outperform" rating and a $130.00 price target on the asset manager's stock. BMO Capital Markets' price objective points to a potential upside of 12.84% from the company's previous close.

Several other equities research analysts have also recently weighed in on the company. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. TD Cowen initiated coverage on State Street in a report on Thursday, September 25th. They set a "buy" rating for the company. Truist Financial raised their price objective on State Street from $125.00 to $133.00 and gave the company a "buy" rating in a research note on Thursday. Wells Fargo & Company lifted their target price on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and increased their target price for the stock from $115.00 to $130.00 in a report on Friday, September 5th. Ten analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $122.67.

State Street Stock Up 1.6%

Shares of NYSE STT opened at $115.21 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street has a 52 week low of $72.81 and a 52 week high of $118.06. The stock has a market capitalization of $32.69 billion, a P/E ratio of 12.90, a PEG ratio of 1.10 and a beta of 1.46. The stock's fifty day moving average is $112.77 and its 200 day moving average is $101.18.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. State Street's revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.15 earnings per share. Sell-side analysts forecast that State Street will post 9.68 earnings per share for the current fiscal year.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company's stock.

Institutional Trading of State Street

Several institutional investors have recently modified their holdings of the business. GAMMA Investing LLC increased its holdings in State Street by 19.0% in the third quarter. GAMMA Investing LLC now owns 6,401 shares of the asset manager's stock valued at $743,000 after purchasing an additional 1,020 shares during the period. Corient Private Wealth LLC grew its position in shares of State Street by 0.4% in the 2nd quarter. Corient Private Wealth LLC now owns 171,677 shares of the asset manager's stock valued at $18,256,000 after buying an additional 747 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in shares of State Street by 15.2% in the second quarter. Valeo Financial Advisors LLC now owns 3,614 shares of the asset manager's stock valued at $384,000 after buying an additional 476 shares during the period. Osaic Holdings Inc. raised its position in shares of State Street by 42.8% during the second quarter. Osaic Holdings Inc. now owns 32,130 shares of the asset manager's stock worth $3,414,000 after acquiring an additional 9,625 shares during the last quarter. Finally, Orion Porfolio Solutions LLC boosted its holdings in State Street by 10.4% in the second quarter. Orion Porfolio Solutions LLC now owns 12,147 shares of the asset manager's stock valued at $1,292,000 after acquiring an additional 1,141 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

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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