State Street (NYSE:STT) Price Target Raised to $190.00 at Bank of America

Key Points

• Bank of America raised its price target on State Street to $190 from $160, while keeping a neutral rating. The new target implies about 8.2% upside from the prior close.
• Other analysts have also turned more positive recently, including Goldman Sachs and Morgan Stanley, contributing to a consensus rating of Moderate Buy and an average price target of $172.66.
• State Street shares were trading up 2.9% at $175.57, near their 52-week high, after the company recently reported better-than-expected earnings and revenue for the quarter.

State Street (NYSE:STT - Get Free Report) had its price target upped by stock analysts at Bank of America from $160.00 to $190.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the asset manager's stock. Bank of America's price objective indicates a potential upside of 8.22% from the company's previous close.

A number of other analysts also recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of State Street from $158.50 to $176.50 and gave the stock a "neutral" rating in a report on Monday. The Goldman Sachs Group increased their target price on State Street from $168.00 to $194.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. Evercore set a $186.00 price target on State Street and gave the company an "outperform" rating in a research report on Monday. Seaport Research Partners reaffirmed a "buy" rating and set a $170.00 price target on shares of State Street in a research note on Monday, April 20th. Finally, Morgan Stanley upped their price objective on State Street from $166.00 to $183.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, State Street has an average rating of "Moderate Buy" and a consensus target price of $172.66.

State Street Trading Up 2.9%

Shares of STT opened at $175.57 on Tuesday. State Street has a 1-year low of $101.98 and a 1-year high of $175.96. The company has a market capitalization of $48.59 billion, a P/E ratio of 17.81, a P/E/G ratio of 0.92 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The firm's 50 day simple moving average is $159.83 and its 200 day simple moving average is $140.59.

State Street (NYSE:STT - Get Free Report) last released its quarterly 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 business had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business's quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.04 EPS. Sell-side analysts forecast that State Street will post 12.53 earnings per share for the current fiscal year.

Insider Buying and Selling at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares of the company's stock, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the transaction, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 37,876 shares of company stock worth $5,866,583 in the last quarter. 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 bought and sold shares of STT. Nordea Investment Management AB grew its holdings in shares of State Street by 15.4% in the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager's stock worth $367,041,000 after purchasing an additional 377,568 shares during the last quarter. Clean Yield Group boosted its position in State Street by 8,247.4% during the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager's stock valued at $2,477,000 after buying an additional 18,969 shares during the period. Concurrent Investment Advisors LLC bought a new stake in State Street in the 4th quarter worth $1,959,000. Heritage Family Offices LLP bought a new stake in State Street in the 4th quarter worth $1,220,000. Finally, IFM Investors Pty Ltd increased its position in shares of State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager's stock valued at $10,699,000 after acquiring an additional 7,469 shares during the period. 87.44% of the stock is currently owned by institutional investors.

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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