State Street (NYSE:STT) Rating Increased to Strong-Buy at BMO Capital Markets

Key Points

• BMO Capital Markets upgraded State Street's rating to strong-buy, signaling increased confidence in the stock's performance.
• Several analysts have adjusted their price targets for State Street, with estimates ranging from $106.00 to $133.00, indicating a positive outlook.
• The company reported earnings of $2.53 per share in its last quarter, surpassing expectations and showing a year-over-year revenue increase of 2.9%.

State Street (NYSE:STT - Get Free Report) was upgraded by BMO Capital Markets to a "strong-buy" rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on the stock. Evercore ISI upped their price objective on shares of State Street from $117.00 to $128.00 and gave the stock an "outperform" rating in a research report on Tuesday. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Bank of America upped their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Truist Financial boosted their target price on shares of State Street from $125.00 to $133.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of State Street in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, State Street currently has an average rating of "Moderate Buy" and a consensus price target of $122.67.

State Street Trading Up 1.1%

Shares of STT stock opened at $116.35 on Thursday. State Street has a 52-week low of $72.81 and a 52-week high of $118.06. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The company has a 50-day simple moving average of $112.83 and a two-hundred day simple moving average of $101.38. The company has a market capitalization of $33.01 billion, a price-to-earnings ratio of 13.03, a PEG ratio of 1.12 and a beta of 1.46.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the prior year, the firm posted $2.15 EPS. The firm's quarterly revenue was up 2.9% compared to the same quarter last year. Research analysts anticipate that State Street will post 9.68 EPS 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 on 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 owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Aaron Wealth Advisors LLC lifted its stake in State Street by 289.8% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 10,318 shares of the asset manager's stock worth $1,197,000 after purchasing an additional 7,671 shares in the last quarter. GAMMA Investing LLC lifted its stake in State Street by 19.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,401 shares of the asset manager's stock worth $743,000 after purchasing an additional 1,020 shares in the last quarter. Corient Private Wealth LLC lifted its stake in State Street by 0.4% in the 2nd quarter. Corient Private Wealth LLC now owns 171,677 shares of the asset manager's stock worth $18,256,000 after purchasing an additional 747 shares in the last quarter. Valeo Financial Advisors LLC lifted its stake in State Street by 15.2% in the 2nd quarter. Valeo Financial Advisors LLC now owns 3,614 shares of the asset manager's stock worth $384,000 after purchasing an additional 476 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its stake in State Street by 42.8% in the 2nd quarter. Osaic Holdings Inc. now owns 32,130 shares of the asset manager's stock worth $3,414,000 after purchasing an additional 9,625 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

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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