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

Key Points

• Weiss Ratings has reaffirmed a "buy (B)" rating for State Street (NYSE: STT), indicating confidence in the company's performance.
• Recent activity by multiple analysts, including Citigroup and Goldman Sachs, has seen increased price targets for the stock, with Citigroup raising its target from $115.00 to $130.00.
• State Street's shares showed a slight decline to $116.68 during trading, with a market capitalization of $33.10 billion and an average target price among analysts of $122.83.

State Street (NYSE:STT - Get Free Report)'s stock had its "buy (b)" rating restated by research analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

A number of other equities analysts also recently commented on STT. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $115.00 to $130.00 in a research note on Friday, September 5th. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. The Goldman Sachs Group lifted their target price on shares of State Street from $109.00 to $130.00 and gave the stock a "buy" rating in a research note on Monday. Truist Financial lifted their target price on shares of State Street from $125.00 to $133.00 and gave the stock a "buy" rating in a research note on Thursday, October 2nd. Finally, BMO Capital Markets began coverage on shares of State Street in a research note on Friday, October 3rd. They issued an "outperform" rating and a $130.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $122.83.

State Street Price Performance

Shares of NYSE STT traded down $0.21 during trading on Wednesday, hitting $116.68. The company had a trading volume of 1,987,833 shares, compared to its average volume of 1,549,088. The stock has a fifty day simple moving average of $113.07 and a two-hundred day simple moving average of $101.93. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $33.10 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 1.20 and a beta of 1.46. State Street has a fifty-two week low of $72.81 and a fifty-two week high of $118.24.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the firm posted $2.15 earnings per share. On average, research analysts expect that State Street will post 9.68 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Invesco Ltd. boosted its stake in State Street by 4.7% during the 2nd 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 boosted its stake in State Street by 1.1% during the 2nd 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 boosted its stake in State Street by 0.4% during the 2nd 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 raised its position in State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock worth $381,770,000 after buying an additional 115,751 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in State Street by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock worth $274,732,000 after buying an additional 14,011 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

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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