State Street (NYSE:STT) Price Target Raised to $136.00

State Street (NYSE:STT) had its price target increased by Citigroup from $130.00 to $136.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a buy rating on the asset manager’s stock.

A number of other equities research analysts have also recently weighed in on the company. Wells Fargo & Company raised their price target on State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Truist Financial lowered their price objective on shares of State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research report on Monday, October 20th. Finally, TD Cowen began coverage on shares of State Street in a research note on Thursday, September 25th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and an average target price of $125.92.

State Street Trading Up 1.3%

Shares of STT stock opened at $116.08 on Friday. The company has a market capitalization of $32.93 billion, a P/E ratio of 12.28, a P/E/G ratio of 1.23 and a beta of 1.46. State Street has a 12-month low of $72.81 and a 12-month high of $118.24. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The firm has a 50-day moving average price of $113.92 and a 200 day moving average price of $104.59.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm had revenue of $13 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same period in the prior year, the firm earned $2.26 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts forecast that State Street will post 9.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of STT. Brighton Jones LLC bought a new stake in shares of State Street during the fourth quarter worth approximately $296,000. GAMMA Investing LLC raised its position in shares of State Street by 14.7% during the 1st quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager’s stock valued at $329,000 after acquiring an additional 472 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of State Street by 4.9% in the 1st quarter. Asset Management One Co. Ltd. now owns 148,854 shares of the asset manager’s stock valued at $13,327,000 after purchasing an additional 6,992 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of State Street by 3.3% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 897,016 shares of the asset manager’s stock worth $80,310,000 after purchasing an additional 28,495 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.