State Street Corp. (STT) Raised to Equal Weight at Morgan Stanley
Morgan Stanley upgraded shares of State Street Corp. (NYSE:STT) from an underweight rating to an equal weight rating in a report published on Monday. They currently have $84.00 target price on the stock, up from their prior target price of $64.00.
Several other research firms also recently issued reports on STT. Jefferies Group increased their price objective on shares of State Street Corp. from $74.00 to $80.00 and gave the company a buy rating in a report on Tuesday, September 6th. Keefe, Bruyette & Woods increased their price objective on shares of State Street Corp. from $54.00 to $58.00 and gave the company an underperform rating in a report on Thursday, July 28th. Deutsche Bank AG increased their price objective on shares of State Street Corp. from $60.00 to $66.00 and gave the company a hold rating in a report on Thursday, July 28th. Credit Agricole SA increased their price objective on shares of State Street Corp. from $60.00 to $73.00 and gave the company an underperform rating in a report on Friday, September 23rd. Finally, Barclays PLC reiterated an overweight rating and issued a $71.00 target price on shares of State Street Corp. in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $72.81.
State Street Corp. (NYSE:STT) opened at 78.24 on Monday. The stock has a market capitalization of $30.18 billion, a PE ratio of 16.01 and a beta of 1.32. The company’s 50 day moving average is $71.75 and its 200-day moving average is $65.16. State Street Corp. has a 1-year low of $50.60 and a 1-year high of $79.27.
State Street Corp. (NYSE:STT) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $1.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.10. State Street Corp. had a net margin of 19.97% and a return on equity of 11.59%. The firm had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.72 billion. During the same period in the prior year, the firm posted $1.16 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. Analysts forecast that State Street Corp. will post $5.09 earnings per share for the current fiscal year.
In related news, EVP Karen C. Keenan sold 7,500 shares of the business’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $70.00, for a total value of $525,000.00. Following the sale, the executive vice president now owns 49,547 shares of the company’s stock, valued at approximately $3,468,290. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jeffrey N. Carp sold 15,000 shares of the business’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $69.26, for a total value of $1,038,900.00. The disclosure for this sale can be found here. 0.64% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Global X Management Co. LLC raised its position in State Street Corp. by 203.0% in the third quarter. Global X Management Co. LLC now owns 1,494 shares of the company’s stock worth $104,000 after buying an additional 1,001 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in State Street Corp. during the second quarter worth approximately $113,000. Advisory Services Network LLC raised its position in State Street Corp. by 4.4% in the second quarter. Advisory Services Network LLC now owns 2,154 shares of the company’s stock worth $116,000 after buying an additional 90 shares in the last quarter. New York Life Trust Co. acquired a new position in State Street Corp. during the third quarter worth approximately $119,000. Finally, Rockefeller Financial Services Inc. raised its position in State Street Corp. by 86.3% in the second quarter. Rockefeller Financial Services Inc. now owns 2,235 shares of the company’s stock worth $121,000 after buying an additional 1,035 shares in the last quarter. 86.96% of the stock is currently owned by institutional investors and hedge funds.
State Street Corp. Company Profile
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.
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