Cfra Research Upgrades State Street (NYSE:STT) to Moderate Buy

State Street (NYSE:STT - Get Free Report) was upgraded by equities researchers at Cfra Research from a "hold" rating to a "moderate buy" rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on STT. Barclays decreased their price target on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Morgan Stanley lifted their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Truist Financial decreased their price target on shares of State Street from $122.00 to $116.00 and set a "buy" rating for the company in a research note on Wednesday. The Goldman Sachs Group lifted their price target on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, Citigroup lifted their price target on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, State Street has a consensus rating of "Hold" and a consensus price target of $110.25.

State Street Trading Up 2.3%

Shares of NYSE:STT traded up $2.43 during mid-day trading on Tuesday, reaching $107.46. 2,927,380 shares of the company's stock were exchanged, compared to its average volume of 2,110,516. The firm has a market capitalization of $30.64 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.21 and a beta of 1.45. The business's fifty day moving average price is $100.75 and its 200-day moving average price is $95.11. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street has a twelve month low of $72.81 and a twelve month high of $110.97.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 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 company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the previous year, the business earned $2.15 earnings per share. State Street's revenue was up 2.9% compared to the same quarter last year. On average, research analysts predict that State Street will post 9.68 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer directly owned 7,354 shares in the company, valued at approximately $667,154.88. This represents a 15.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its position in State Street by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $30,387,000 after buying an additional 5,242 shares during the period. Allspring Global Investments Holdings LLC boosted its position in State Street by 127.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after buying an additional 17,201 shares during the period. Index Fund Advisors Inc. purchased a new stake in State Street during the 1st quarter valued at $505,000. Bank of New York Mellon Corp boosted its position in State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock valued at $195,764,000 after buying an additional 123,259 shares during the period. Finally, Pacific Heights Asset Management LLC boosted its position in State Street by 9.1% during the 1st quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock valued at $5,372,000 after buying an additional 5,000 shares during the period. 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.