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

State Street (NYSE:STT) had its price target lifted by Keefe, Bruyette & Woods from $132.00 to $135.00 in a research note published on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the asset manager’s stock.

STT has been the subject of several other research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Bank of America increased their price objective on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. Truist Financial increased their price objective on shares of State Street from $125.00 to $133.00 and gave the company a “buy” rating in a research report on Thursday, October 2nd. Wells Fargo & Company raised their price target on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Two equities research analysts have 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, the company has a consensus rating of “Moderate Buy” and an average target price of $125.42.

State Street Stock Up 3.4%

Shares of NYSE:STT opened at $115.19 on Monday. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. State Street has a 52-week low of $72.81 and a 52-week high of $118.24. The company has a 50 day moving average of $113.71 and a two-hundred day moving average of $103.55. The company has a market capitalization of $32.68 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating 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 company had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter last year, the company earned $2.26 earnings per share. State Street’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, analysts forecast that State Street will post 9.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On State Street

Several large investors have recently added to or reduced their stakes in STT. First Pacific Financial bought a new position in State Street during the first quarter worth $25,000. Capital Analysts LLC lifted its stake in State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC lifted its stake in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after purchasing an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in State Street during the first quarter worth $46,000. 87.44% of the stock is currently owned by institutional investors.

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.