State Street (NYSE:STT) Now Covered by Analysts at BMO Capital Markets

Equities research analysts at BMO Capital Markets began coverage on shares of State Street (NYSE:STT) in a report released 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 would indicate a potential upside of 11.74% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the company. Truist Financial boosted their price objective on State Street from $125.00 to $133.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company upped their price target on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group set a $128.00 price target on State Street in a research report on Tuesday. Bank of America upped their price target on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. Finally, Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and upped their price target for the company from $115.00 to $130.00 in a research report on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $122.67.

State Street Trading Up 1.1%

Shares of State Street stock opened at $116.35 on Friday. State Street has a 52-week low of $72.81 and a 52-week high of $118.06. The stock’s 50-day simple moving average is $112.83 and its 200 day simple moving average is $101.46. The stock has a market capitalization of $33.01 billion, a P/E ratio of 13.03, a P/E/G ratio of 1.13 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same period in the previous year, the business posted $2.15 EPS. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. As a group, research analysts anticipate that State Street will post 9.68 EPS for the current year.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of STT. Brighton Jones LLC purchased a new position in shares of State Street during the fourth quarter worth about $296,000. Merit Financial Group LLC grew its holdings in shares of State Street by 45.3% during the first quarter. Merit Financial Group LLC now owns 5,846 shares of the asset manager’s stock worth $523,000 after purchasing an additional 1,822 shares in the last quarter. Vest Financial LLC purchased a new position in shares of State Street during the first quarter worth about $8,715,000. Godsey & Gibb Inc. grew its holdings in shares of State Street by 4.2% during the first quarter. Godsey & Gibb Inc. now owns 212,072 shares of the asset manager’s stock worth $18,987,000 after purchasing an additional 8,592 shares in the last quarter. Finally, Wedmont Private Capital boosted its stake in State Street by 4.2% in the first quarter. Wedmont Private Capital now owns 6,410 shares of the asset manager’s stock worth $574,000 after buying an additional 258 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.