Weiss Ratings Reaffirms "Buy (B)" Rating for State Street (NYSE:STT)

Key Points

• Weiss Ratings has maintained a "Buy (B)" rating for State Street (NYSE: STT), reflecting positive sentiment from analysts.
• State Street's stock opened at $116.08 and has a 52-week trading range between $72.81 and $118.24, indicating strong market interest.
• Recent quarterly earnings surpassed expectations, with earnings per share at $2.78, beating the consensus estimate of $2.57, and revenue showing an 8.8% year-over-year increase.

State Street (NYSE:STT - Get Free Report)'s stock had its "buy (b)" rating reiterated by analysts at Weiss Ratings in a report issued on Friday,Weiss Ratings reports.

Several other analysts also recently weighed in on STT. Cowen reiterated a "buy" rating on shares of State Street in a research report on Tuesday. BMO Capital Markets began coverage on State Street in a research report on Friday, October 3rd. They issued an "outperform" rating and a $130.00 price objective for the company. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Evercore ISI upped their target price on State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Finally, TD Cowen initiated coverage on State Street in a report on Thursday, September 25th. They set a "buy" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $125.92.

State Street Stock Performance

Shares of STT stock opened at $116.08 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. State Street has a fifty-two week low of $72.81 and a fifty-two week high of $118.24. The stock has a 50 day moving average price of $113.92 and a two-hundred day moving average price of $104.24. The company has a market capitalization of $32.93 billion, a P/E ratio of 12.28, a PEG ratio of 1.22 and a beta of 1.46.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the company posted $2.26 earnings per share. The business's revenue was up 8.8% on a year-over-year basis. Analysts expect that State Street will post 9.68 earnings per share for the current year.

Institutional Investors Weigh In On State Street

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. grew its stake in State Street by 4.7% in the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager's stock worth $910,934,000 after purchasing an additional 381,547 shares during the period. Dodge & Cox grew its stake in State Street by 1.1% in the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager's stock worth $788,236,000 after purchasing an additional 80,855 shares during the period. Geode Capital Management LLC grew its stake in State Street by 0.4% in the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager's stock worth $784,930,000 after purchasing an additional 27,098 shares during the period. Northern Trust Corp grew its stake in State Street by 2.8% in the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock worth $381,770,000 after purchasing an additional 115,751 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in State Street by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock worth $274,732,000 after purchasing an additional 14,011 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

About State Street

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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