State Street (NYSE:STT) Price Target Raised to $187.00

Key Points

• JPMorgan raised State Street’s price target to $187 from $176.50 while maintaining a “neutral” rating, implying only about 0.4% upside from the stock’s recent $186.26 price.
• Analyst sentiment remains positive overall, with State Street carrying a “Moderate Buy” consensus rating and an average price target of $185.38; several firms have set targets as high as $215.
• State Street exceeded quarterly expectations, reporting $3.65 in earnings per share versus $3.34 expected and $4.05 billion in revenue, up 23.3% year over year.

State Street (NYSE:STT - Get Free Report) had its price target upped by research analysts at JPMorgan Chase & Co. from $176.50 to $187.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the asset manager's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 0.40% from the stock's current price.

A number of other brokerages have also recently weighed in on STT. Argus upped their price objective on State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. Wells Fargo & Company lifted their target price on State Street from $196.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Bank of America boosted their target price on shares of State Street from $160.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods raised their price target on shares of State Street from $195.00 to $215.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Finally, Seaport Research Partners reaffirmed a "buy" rating and issued a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $185.38.

State Street Stock Up 1.4%

STT stock traded up $2.59 during trading on Tuesday, hitting $186.26. 554,345 shares of the company's stock traded hands, compared to its average volume of 2,215,283. The firm has a market capitalization of $51.55 billion, a P/E ratio of 16.42, a PEG ratio of 0.76 and a beta of 1.41. The business has a fifty day simple moving average of $172.56 and a two-hundred day simple moving average of $148.18. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street has a 1 year low of $104.64 and a 1 year high of $192.51.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street's revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 earnings per share. Sell-side analysts anticipate that State Street will post 13.68 EPS for the current year.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP W. Bradford Hu sold 9,758 shares of the firm's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares of the company's stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 49,576 shares of company stock valued at $8,415,875 in the last three months. 0.27% of the stock is owned by insiders.

Hedge Funds Weigh In On State Street

Several hedge funds have recently made changes to their positions in STT. Brighton Jones LLC acquired a new position in shares of State Street in the fourth quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 worth $2,885,000 after buying an additional 918 shares during the last quarter. NewEdge Advisors LLC raised its position in 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 during the last quarter. Empowered Funds LLC lifted its stake in State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after acquiring an additional 15,996 shares during the period. Finally, Woodline Partners LP lifted its stake in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after acquiring an additional 6,767 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

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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