State Street (NYSE:STT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

State Street (NYSE:STT) had its price target lifted by research analysts at JPMorgan Chase & Co. from $158.50 to $176.50 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 1.85% from the stock’s current price.

A number of other research analysts also recently issued reports on STT. Royal Bank Of Canada boosted their price objective on shares of State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a research report on Monday, April 20th. Morgan Stanley boosted their price target on shares of State Street from $166.00 to $183.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. UBS Group set a $176.00 price objective on State Street in a research report on Friday, June 26th. Finally, Truist Financial increased their target price on State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $167.97.

State Street Trading Up 1.5%

STT opened at $173.29 on Monday. State Street has a one year low of $101.98 and a one year high of $175.46. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The business has a 50 day simple moving average of $159.83 and a two-hundred day simple moving average of $140.59. The firm has a market capitalization of $47.96 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 0.92 and a beta of 1.42.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period last year, the company earned $2.04 EPS. Analysts predict that State Street will post 12.53 EPS for the current year.

Insider Buying and Selling at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares of the company’s stock, valued at $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,876 shares of company stock worth $5,866,583 in the last ninety days. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently modified their holdings of the stock. Regents of The University of California increased its stake in State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Norges Bank bought a new position in shares of State Street in the fourth quarter worth approximately $303,483,000. Pinebridge Investments LLC purchased a new stake in shares of State Street during the fourth quarter valued at approximately $178,705,000. Victory Capital Management Inc. grew its holdings in shares of State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after buying an additional 1,074,174 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in shares of State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after acquiring an additional 880,507 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.