BMO Capital Markets Begins Coverage on State Street (NYSE:STT)

Equities research analysts at BMO Capital Markets initiated coverage on shares of State Street (NYSE:STT) in a note issued to investors on Friday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $130.00 price target on the asset manager’s stock. BMO Capital Markets’ target price suggests a potential upside of 11.74% from the stock’s current price.

STT has been the subject of several other research reports. Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and lifted their price target for the company from $115.00 to $130.00 in a research report on Friday, September 5th. The Goldman Sachs Group set a $128.00 price objective on shares of State Street in a report on Tuesday. TD Cowen initiated coverage on shares of State Street in a report on Thursday, September 25th. They set a “buy” rating on the stock. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $162.00 price objective on shares of State Street in a report on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.67.

State Street Stock Performance

NYSE STT opened at $116.35 on Friday. The company has a fifty day simple moving average of $112.83 and a 200 day simple moving average of $101.46. State Street has a 12-month low of $72.81 and a 12-month high of $118.06. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market cap of $33.01 billion, a P/E ratio of 13.03, a PEG ratio of 1.13 and a beta of 1.46.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter last year, the firm posted $2.15 EPS. State Street’s revenue was up 2.9% compared to the same quarter last year. Sell-side analysts predict that State Street will post 9.68 earnings per share for the current fiscal year.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

A number of hedge funds have recently made changes to their positions in the business. Aaron Wealth Advisors LLC raised its stake in shares of State Street by 289.8% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 10,318 shares of the asset manager’s stock worth $1,197,000 after purchasing an additional 7,671 shares during the period. GAMMA Investing LLC raised its stake in shares of State Street by 19.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,401 shares of the asset manager’s stock worth $743,000 after purchasing an additional 1,020 shares during the period. Corient Private Wealth LLC raised its stake in shares of State Street by 0.4% during the 2nd quarter. Corient Private Wealth LLC now owns 171,677 shares of the asset manager’s stock worth $18,256,000 after purchasing an additional 747 shares during the period. Valeo Financial Advisors LLC raised its stake in shares of State Street by 15.2% during the 2nd quarter. Valeo Financial Advisors LLC now owns 3,614 shares of the asset manager’s stock worth $384,000 after purchasing an additional 476 shares during the period. Finally, Osaic Holdings Inc. raised its stake in shares of State Street by 42.8% during the 2nd quarter. Osaic Holdings Inc. now owns 32,130 shares of the asset manager’s stock worth $3,414,000 after purchasing an additional 9,625 shares during the period. 87.44% of the stock is currently owned by institutional investors.

About State Street

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.