State Street (STT) Upgraded at Raymond James

State Street (NYSE:STT) was upgraded by equities research analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a research note issued on Monday, MarketBeat.com reports. The firm currently has a $82.00 target price on the asset manager’s stock. Raymond James’ price target suggests a potential upside of 19.78% from the stock’s current price.

Several other equities research analysts also recently weighed in on the stock. Credit Suisse Group reduced their price objective on shares of State Street from $103.00 to $88.00 and set a “neutral” rating for the company in a report on Monday, October 22nd. Goldman Sachs Group started coverage on shares of State Street in a report on Thursday, October 11th. They issued a “buy” rating for the company. Deutsche Bank upped their price objective on shares of State Street from $98.00 to $99.00 and gave the stock a “buy” rating in a report on Thursday, September 27th. Keefe, Bruyette & Woods set a $90.00 price objective on shares of State Street and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Finally, Wells Fargo & Co reduced their price objective on shares of State Street from $92.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, December 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $90.47.

STT stock traded up $1.45 during trading on Monday, hitting $68.46. The company had a trading volume of 3,019,299 shares, compared to its average volume of 3,086,955. The company has a market capitalization of $25.35 billion, a P/E ratio of 11.49, a PEG ratio of 0.96 and a beta of 1.35. State Street has a fifty-two week low of $57.87 and a fifty-two week high of $114.27. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.50.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.02). The company had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3.02 billion. State Street had a return on equity of 14.99% and a net margin of 19.90%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.71 EPS. Equities analysts anticipate that State Street will post 7.31 EPS for the current year.

In other State Street news, EVP Louis D. Maiuri purchased 740 shares of the business’s stock in a transaction on Wednesday, October 24th. The stock was bought at an average cost of $67.60 per share, with a total value of $50,024.00. Following the acquisition, the executive vice president now owns 45,314 shares of the company’s stock, valued at $3,063,226.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Saint-Aignan Patrick De purchased 500 shares of the business’s stock in a transaction on Tuesday, October 23rd. The stock was acquired at an average cost of $68.62 per share, with a total value of $34,310.00. Following the completion of the acquisition, the director now directly owns 25,138 shares in the company, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Strategic Wealth Partners Ltd. lifted its stake in State Street by 1,038.7% during the third quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock valued at $30,000 after buying an additional 322 shares in the last quarter. Moody National Bank Trust Division lifted its stake in State Street by 199.4% during the fourth quarter. Moody National Bank Trust Division now owns 470 shares of the asset manager’s stock valued at $30,000 after buying an additional 313 shares in the last quarter. CI Investments Inc. purchased a new stake in State Street during the third quarter valued at about $101,000. Patriot Financial Group Insurance Agency LLC lifted its stake in State Street by 1,855.1% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,349 shares of the asset manager’s stock valued at $113,000 after buying an additional 1,280 shares in the last quarter. Finally, Advisors Asset Management Inc. purchased a new stake in State Street during the third quarter valued at about $114,000. 87.19% of the stock is owned by institutional investors.

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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; 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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Analyst Recommendations for State Street (NYSE:STT)

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