State Street (NYSE:STT) Now Covered by TD Cowen

Key Points

• TD Cowen has initiated coverage of State Street (NYSE:STT), assigning a "buy" rating to the asset manager's stock.
• Analysts from other brokerages have increased their price targets for State Street, with estimates ranging from $111.00 to $130.00.
• The company reported earnings of $2.53 per share, exceeding expectations by $0.17, alongside a revenue of $3.47 billion for the last quarter.

Research analysts at TD Cowen assumed coverage on shares of State Street (NYSE:STT - Get Free Report) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The brokerage set a "buy" rating on the asset manager's stock.

Several other brokerages have also recently issued reports on STT. Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Citigroup upgraded State Street from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $115.00 to $130.00 in a report on Friday, September 5th. Morgan Stanley lifted their price target on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Truist Financial lifted their price target on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Nine 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $114.18.

State Street Trading Up 0.0%

Shares of STT opened at $112.96 on Thursday. State Street has a 52-week low of $72.81 and a 52-week high of $116.37. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm's fifty day moving average is $112.04 and its two-hundred day moving average is $99.98. The stock has a market cap of $32.05 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.10 and a beta of 1.50.

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

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated 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 in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Institutional Trading of State Street

A number of institutional investors and hedge funds have recently bought and sold shares of STT. First Pacific Financial purchased a new stake in State Street during the first quarter worth about $25,000. Capital Analysts LLC increased its stake in State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC increased its stake in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares during the period. Golden State Wealth Management LLC increased its stake in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after purchasing an additional 310 shares during the period. Finally, MV Capital Management Inc. grew its position in shares of State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after buying an additional 251 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other 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.

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