Bank of America Reiterates Buy Rating for State Street (NYSE:STT)

State Street (NYSE:STT)‘s stock had its “buy” rating reissued by stock analysts at Bank of America in a research report issued on Thursday, June 6th, Stock Target Advisor reports. They currently have a $65.00 price objective on the asset manager’s stock, down from their prior price objective of $75.00. Bank of America‘s price objective would suggest a potential upside of 15.95% from the stock’s previous close.

STT has been the subject of several other reports. Deutsche Bank lowered State Street from a “buy” rating to a “hold” rating and set a $69.95 price objective for the company. in a report on Thursday, March 14th. Zacks Investment Research upgraded State Street from a “sell” rating to a “hold” rating in a report on Tuesday, March 12th. ValuEngine lowered State Street from a “sell” rating to a “strong sell” rating in a report on Friday, March 1st. Morgan Stanley cut their target price on State Street from $84.00 to $76.00 and set an “overweight” rating on the stock in a report on Wednesday, June 5th. Finally, Keefe, Bruyette & Woods lowered State Street from a “market perform” rating to an “underperform” rating and cut their target price for the company from $72.00 to $70.00 in a report on Sunday, February 24th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $71.33.

Shares of NYSE:STT opened at $56.06 on Thursday. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.52. State Street has a 1 year low of $53.53 and a 1 year high of $95.68. The stock’s fifty day moving average price is $57.80. The stock has a market capitalization of $20.61 billion, a price-to-earnings ratio of 7.76, a price-to-earnings-growth ratio of 0.86 and a beta of 1.46.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.05. State Street had a return on equity of 13.44% and a net margin of 18.77%. The business had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period last year, the company earned $1.62 earnings per share. State Street’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, sell-side analysts anticipate that State Street will post 6.05 earnings per share for the current fiscal year.

In other State Street news, Director Gregory L. Summe purchased 3,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were bought at an average cost of $64.50 per share, with a total value of $193,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $63.22, for a total value of $1,580,500.00. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Several large investors have recently modified their holdings of STT. FMR LLC grew its position in shares of State Street by 35.9% in the fourth quarter. FMR LLC now owns 18,222,073 shares of the asset manager’s stock valued at $1,149,266,000 after purchasing an additional 4,816,904 shares during the last quarter. BlackRock Inc. grew its position in State Street by 19.2% during the fourth quarter. BlackRock Inc. now owns 27,075,321 shares of the asset manager’s stock worth $1,707,639,000 after buying an additional 4,355,656 shares in the last quarter. Norges Bank acquired a new stake in State Street during the fourth quarter worth about $257,096,000. Oregon Public Employees Retirement Fund grew its position in State Street by 6,371.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,604,034 shares of the asset manager’s stock worth $41,000 after buying an additional 2,563,798 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in State Street by 6.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 29,664,538 shares of the asset manager’s stock worth $1,870,942,000 after buying an additional 1,730,003 shares in the last quarter. 89.56% 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. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Analyst Recommendations for State Street (NYSE:STT)

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