State Street Corp. (STT) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of State Street Corp. (NYSE:STT) from a hold rating to a buy rating in a report released on Monday. Zacks Investment Research currently has $88.00 price target on the stock.
According to Zacks, “State Street's shares have significantly outperformed the Zacks categorized Major Regional Banks industry, year-to-date. Further, the company expects that the acquisition of GE Asset Management will lead to revenue and cost synergies in the quarters ahead. Moreover, the company remains on track to lower expenses and enhance cost efficiencies through its multi-year restructuring plan. Also, enhanced capital deployment plans look impressive. Nevertheless, rising expenses, along with stringent regulations will continue to weigh on its financials. Moreover, net interest margin is likely to be under pressure in the coming quarters due to the persistent low-rate environment.”
Several other research firms have also issued reports on STT. Barclays PLC reiterated a buy rating and set a $71.00 target price on shares of State Street Corp. in a report on Tuesday, October 11th. Deutsche Bank AG upped their target price on State Street Corp. from $70.00 to $73.00 and gave the stock a hold rating in a report on Friday, September 9th. upped their target price on State Street Corp. from $60.00 to $73.00 and gave the stock an underperform rating in a report on Friday, September 23rd. Jefferies Group upped their target price on State Street Corp. from $80.00 to $81.00 and gave the stock a buy rating in a report on Monday, October 10th. Finally, Morgan Stanley upgraded State Street Corp. from an underweight rating to an equal weight rating and upped their target price for the stock from $64.00 to $84.00 in a report on Monday, November 14th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $72.81.
Shares of State Street Corp. (NYSE:STT) opened at 76.86 on Monday. The stock’s 50 day moving average price is $73.23 and its 200 day moving average price is $66.13. State Street Corp. has a one year low of $50.60 and a one year high of $79.27. The firm has a market cap of $29.65 billion, a price-to-earnings ratio of 15.73 and a beta of 1.32.
State Street Corp. (NYSE:STT) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.10. The company earned $2.62 billion during the quarter, compared to analysts’ expectations of $2.72 billion. State Street Corp. had a return on equity of 11.59% and a net margin of 19.97%. State Street Corp.’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.16 earnings per share. On average, equities analysts anticipate that State Street Corp. will post $5.09 earnings per share for the current fiscal year.
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In related news, EVP Karen C. Keenan sold 1,000 shares of the firm’s stock in a transaction on Thursday, October 20th. The stock was sold at an average price of $70.57, for a total transaction of $70,570.00. Following the completion of the transaction, the executive vice president now directly owns 48,547 shares of the company’s stock, valued at approximately $3,425,961.79. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey N. Carp sold 15,000 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was 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. Corporate insiders own 0.64% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. D.A. Davidson & CO. raised its position in shares of State Street Corp. by 6.7% in the third quarter. D.A. Davidson & CO. now owns 134,599 shares of the company’s stock valued at $9,370,000 after buying an additional 8,466 shares in the last quarter. Piedmont Investment Advisors LLC bought a new position in shares of State Street Corp. during the third quarter valued at about $5,652,000. Colony Group LLC raised its position in shares of State Street Corp. by 9.0% in the third quarter. Colony Group LLC now owns 6,411 shares of the company’s stock valued at $446,000 after buying an additional 532 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of State Street Corp. by 10.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 37,536,973 shares of the company’s stock valued at $2,613,699,000 after buying an additional 3,594,037 shares in the last quarter. Finally, Puzo Michael J raised its position in shares of State Street Corp. by 20.1% in the third quarter. Puzo Michael J now owns 8,964 shares of the company’s stock valued at $624,000 after buying an additional 1,500 shares in the last quarter. 85.27% of the stock is 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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