State Street (NYSE:STT) had its target price raised by equities research analysts at Raymond James from $69.00 to $77.00 in a research report issued to clients and investors on Monday, The Fly reports. The firm presently has a “strong-buy” rating on the asset manager’s stock. Raymond James’ price target suggests a potential upside of 16.58% from the company’s current price. The analysts noted that the move was a valuation call.

Several other analysts have also issued reports on STT. UBS Group boosted their price objective on shares of State Street from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Keefe, Bruyette & Woods upgraded shares of State Street from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $51.00 to $64.00 in a report on Friday, October 18th. Wells Fargo & Co set a $55.00 price objective on shares of State Street and gave the company a “hold” rating in a report on Friday, August 16th. ValuEngine upgraded shares of State Street from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley reduced their price objective on shares of State Street from $58.00 to $55.00 and set an “underweight” rating on the stock in a report on Friday, October 4th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $66.38.

NYSE STT opened at $66.05 on Monday. State Street has a 52 week low of $48.62 and a 52 week high of $77.00. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.53. The business’s fifty day simple moving average is $58.19 and its 200-day simple moving average is $58.67. The firm has a market cap of $23.60 billion, a PE ratio of 9.15, a P/E/G ratio of 1.04 and a beta of 1.51.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 EPS for the quarter, topping the consensus estimate of $1.40 by $0.11. State Street had a return on equity of 11.34% and a net margin of 16.18%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the previous year, the firm earned $1.87 EPS. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. Research analysts expect that State Street will post 5.71 EPS for the current year.

In other State Street news, EVP Jeffrey N. Carp sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total transaction of $1,293,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Saint-Aignan Patrick De purchased 500 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were acquired at an average price of $58.75 per share, for a total transaction of $29,375.00. Following the completion of the purchase, the director now directly owns 29,293 shares of the company’s stock, valued at $1,720,963.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 10,500 shares of company stock worth $547,950. 0.40% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of STT. Longview Partners Guernsey LTD increased its stake in State Street by 34.2% during the second quarter. Longview Partners Guernsey LTD now owns 20,398,955 shares of the asset manager’s stock worth $1,143,565,000 after purchasing an additional 5,203,360 shares during the period. Price T Rowe Associates Inc. MD increased its stake in State Street by 24.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 11,962,313 shares of the asset manager’s stock worth $670,607,000 after purchasing an additional 2,323,171 shares during the period. Nuveen Asset Management LLC increased its stake in State Street by 21,541.7% during the second quarter. Nuveen Asset Management LLC now owns 2,087,558 shares of the asset manager’s stock worth $117,029,000 after purchasing an additional 2,077,912 shares during the period. BlackRock Inc. increased its stake in State Street by 7.0% during the second quarter. BlackRock Inc. now owns 30,035,664 shares of the asset manager’s stock worth $1,683,799,000 after purchasing an additional 1,975,332 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its stake in State Street by 43.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,494,981 shares of the asset manager’s stock worth $88,488,000 after purchasing an additional 449,247 shares during the period. Institutional investors own 89.92% 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. It 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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