Keefe, Bruyette & Woods Issues Positive Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its target price upped by equities researchers at Keefe, Bruyette & Woods from $175.00 to $195.00 in a report released on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 7.71% from the stock’s current price.

A number of other research firms have also recently issued reports on STT. JPMorgan Chase & Co. upped their price objective on State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a report on Monday. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. 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. Argus upped their price target on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Finally, Bank of America lifted their price target on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $173.91.

State Street Price Performance

Shares of STT stock traded up $3.61 on Thursday, reaching $181.03. The company’s stock had a trading volume of 1,203,729 shares, compared to its average volume of 2,191,781. The company has a market capitalization of $50.10 billion, a P/E ratio of 18.38, a PEG ratio of 0.95 and a beta of 1.42. State Street has a 12-month low of $101.98 and a 12-month high of $183.32. The stock’s 50 day simple moving average is $161.36 and its 200-day simple moving average is $141.65. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.04 earnings per share. As a group, equities analysts predict that State Street will post 12.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the transaction, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the transaction, the chief executive officer directly owned 255,512 shares in the company, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 37,876 shares of company stock valued at $5,866,583. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On State Street

Several large investors have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of State Street by 37.0% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 32,709 shares of the asset manager’s stock valued at $5,547,000 after acquiring an additional 8,841 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of State Street by 8.3% during the second quarter. Valeo Financial Advisors LLC now owns 3,902 shares of the asset manager’s stock valued at $662,000 after purchasing an additional 299 shares during the last quarter. Elevation Wealth Partners LLC raised its holdings in shares of State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 106 shares during the last quarter. Czech National Bank lifted its position in State Street by 3.6% during the second quarter. Czech National Bank now owns 78,778 shares of the asset manager’s stock valued at $13,361,000 after purchasing an additional 2,772 shares during the period. Finally, PensionDanmark Pensionsforsikringsaktieselskab boosted its holdings in State Street by 11.5% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 56,117 shares of the asset manager’s stock worth $9,517,000 after purchasing an additional 5,775 shares during 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.