State Street (NYSE:STT) Reaches New 1-Year High After Analyst Upgrade

State Street Corporation (NYSE:STT)’s share price hit a new 52-week high during mid-day trading on Monday after Citigroup raised their price target on the stock from $130.00 to $136.00. Citigroup currently has a buy rating on the stock. State Street traded as high as $118.30 and last traded at $117.55, with a volume of 345844 shares changing hands. The stock had previously closed at $116.12.

A number of other analysts have also recently weighed in on STT. BMO Capital Markets assumed coverage on shares of State Street in a research note on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price on the stock. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Bank of America boosted their price target on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group boosted their price target on State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $125.92.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of STT. Assetmark Inc. boosted its position in shares of State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager’s stock worth $84,000 after purchasing an additional 357 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in State Street by 1.6% in the first quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock worth $30,387,000 after acquiring an additional 5,242 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in State Street by 127.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager’s stock worth $2,728,000 after acquiring an additional 17,201 shares in the last quarter. Index Fund Advisors Inc. bought a new position in State Street in the first quarter worth approximately $505,000. Finally, Bank of New York Mellon Corp boosted its holdings in State Street by 6.0% in the first quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager’s stock worth $195,764,000 after acquiring an additional 123,259 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Trading Up 0.8%

The firm has a fifty day simple moving average of $114.04 and a 200-day simple moving average of $104.84. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. The firm has a market cap of $33.21 billion, a P/E ratio of 12.39, a price-to-earnings-growth ratio of 1.23 and a beta of 1.46.

State Street (NYSE:STT) last issued its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The company had revenue of $13 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same period last year, the business earned $2.26 EPS. State Street’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

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.