Citigroup Upgrades State Street (STT) to Buy

State Street (NYSE:STT) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, The Fly reports.

Several other equities analysts also recently commented on the company. Zacks Investment Research downgraded State Street from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Morgan Stanley upped their price objective on State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 24th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a research report on Tuesday, December 12th. Royal Bank of Canada cut their price objective on State Street from $104.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 24th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $100.00 price objective on shares of State Street in a research report on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $101.13.

State Street (NYSE:STT) opened at $101.40 on Wednesday. The company has a market capitalization of $37,600.00, a price-to-earnings ratio of 17.54, a price-to-earnings-growth ratio of 1.49 and a beta of 1.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. State Street has a 12-month low of $74.45 and a 12-month high of $102.07.

State Street (NYSE:STT) last announced its quarterly earnings data on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.10. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. State Street had a return on equity of 13.03% and a net margin of 20.56%. State Street’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.35 EPS. equities research analysts expect that State Street will post 6.25 earnings per share for the current fiscal year.

In other news, Chairman Joseph L. Hooley sold 25,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total transaction of $2,315,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew Erickson sold 354 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $92.00, for a total value of $32,568.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,724 shares of company stock worth $2,659,741 in the last three months. Corporate insiders own 0.71% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of STT. Capital International Investors lifted its stake in shares of State Street by 63.3% during the 3rd quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock worth $551,383,000 after purchasing an additional 2,237,595 shares during the last quarter. FMR LLC lifted its stake in shares of State Street by 10.8% during the 2nd quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock worth $1,793,591,000 after purchasing an additional 1,940,536 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of State Street by 44.8% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock worth $427,133,000 after purchasing an additional 1,383,249 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of State Street by 103.0% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,839,323 shares of the asset manager’s stock worth $165,042,000 after purchasing an additional 933,038 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of State Street by 27.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,908,094 shares of the asset manager’s stock worth $278,625,000 after purchasing an additional 630,368 shares during the last quarter. Hedge funds and other institutional investors own 88.13% of the company’s stock.

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State Street Company Profile

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

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