State Street (NYSE:STT) Price Target Raised to $175.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised its price target for State Street (NYSE:STT) from $157 to $175 and kept an "outperform" rating, implying roughly a 20.4% upside from the current price.
• State Street beat Q1 estimates with $2.84 EPS versus $2.64 expected and $3.80B revenue versus $3.59B expected, with revenue up 15.6% year-over-year and analysts forecasting about $9.68 EPS for the fiscal year.
• The stock carries a consensus Moderate Buy rating with an average target of $150.08 after several analyst moves (e.g., BofA upgrade, Citi coverage, Barclays $165 target), and about 87% of shares are held by institutions.

State Street (NYSE:STT - Get Free Report) had its price objective increased by equities researchers at Keefe, Bruyette & Woods from $157.00 to $175.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the asset manager's stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 20.43% from the company's current price.

Other research analysts also recently issued reports about the stock. Bank of America upgraded shares of State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price target on the stock in a research report on Monday, April 6th. Weiss Ratings restated a "buy (b)" rating on shares of State Street in a research report on Wednesday, January 21st. Wall Street Zen upgraded shares of State Street from a "sell" rating to a "hold" rating in a research report on Saturday, January 17th. Barclays set a $165.00 price target on shares of State Street in a research report on Monday. Finally, Citigroup assumed coverage on shares of State Street in a research report on Monday, February 23rd. They issued a "buy" rating and a $150.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $150.08.

State Street Price Performance

Shares of STT stock opened at $145.31 on Monday. The firm has a market cap of $40.26 billion, a P/E ratio of 14.74, a P/E/G ratio of 0.93 and a beta of 1.37. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61. State Street has a 1-year low of $79.56 and a 1-year high of $148.99. The firm has a fifty day moving average of $128.69 and a two-hundred day moving average of $125.05.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period last year, the business earned $2.04 EPS. As a group, research analysts anticipate 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 John Plansky sold 16,100 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the transaction, the executive vice president directly owned 56,162 shares of the company's stock, valued at $6,982,059.84. The trade was a 22.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

Institutional Trading of State Street

A number of hedge funds and other institutional investors have recently made changes to their positions in STT. Brighton Jones LLC bought a new stake in shares of State Street during the 4th quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of State Street by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock worth $2,885,000 after buying an additional 918 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock worth $913,000 after buying an additional 5,226 shares in the last quarter. Empowered Funds LLC raised its position in shares of State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock worth $2,065,000 after buying an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP raised its position in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock worth $2,182,000 after buying an additional 6,767 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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