State Street (NYSE:STT) Price Target Raised to $176.50

Key Points

• JPMorgan Chase & Co. raised its price target on State Street from $158.50 to $176.50 while keeping a neutral rating, implying only about 1.85% upside from the stock’s current price.
• State Street stock was up about 1.5% and opened at $173.29, near its 52-week high of $175.46, as analysts overall still rate the shares a Moderate Buy with an average target price of $167.97.
• The company recently posted better-than-expected earnings, with Q1 EPS of $2.84 versus estimates of $2.64 and revenue of $3.80 billion, up 15.6% from a year ago.

State Street (NYSE:STT - Get Free Report) had its target price boosted by analysts at JPMorgan Chase & Co. from $158.50 to $176.50 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the asset manager's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 1.85% from the stock's current price.

Other analysts have also issued research reports about the stock. Evercore set a $158.00 price target on shares of State Street and gave the company an "outperform" rating in a research report on Monday, April 20th. Bank of America upgraded State Street from an "underperform" rating to a "neutral" rating and set a $143.00 target price on the stock in a research report on Monday, April 6th. Zacks Research cut State Street from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 22nd. UBS Group set a $176.00 price target on State Street in a research report on Friday, June 26th. Finally, Weiss Ratings raised State Street from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $167.97.

State Street Stock Up 1.5%

STT stock opened at $173.29 on Monday. The stock's fifty day simple moving average is $159.83 and its two-hundred day simple moving average is $140.59. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street has a 1-year low of $101.98 and a 1-year high of $175.46. The stock has a market cap of $47.96 billion, a P/E ratio of 17.42, a P/E/G ratio of 0.92 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analysts' expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.04 EPS. Analysts expect that State Street will post 12.53 EPS for the current year.

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,212 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the sale, the executive vice president owned 59,552 shares in the company, valued at $9,251,403.20. The trade was a 13.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the transaction, the chief executive officer owned 255,512 shares in the company, valued at $39,693,789.20. The trade was a 5.39% 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. In the last three months, insiders sold 37,876 shares of company stock worth $5,866,583. 0.27% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently made changes to their positions in the business. Brighton Jones LLC purchased a new position in shares of State Street in the fourth quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 valued at $2,885,000 after acquiring an additional 918 shares during the period. NewEdge Advisors LLC increased its stake in State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock worth $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC increased its stake in State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock worth $2,065,000 after purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP lifted its position in State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after purchasing an additional 6,767 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Company Profile

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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