State Street (NYSE:STT) was upgraded by investment analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research report issued on Tuesday, January 7th, Marketbeat reports. The firm presently has a $92.00 target price on the asset manager’s stock, up from their previous target price of $68.00. Jefferies Financial Group’s price objective points to a potential upside of 14.80% from the company’s previous close. Jefferies Financial Group also issued estimates for State Street’s Q4 2019 earnings at $1.75 EPS, FY2019 earnings at $5.93 EPS, Q1 2020 earnings at $1.30 EPS, Q2 2020 earnings at $1.70 EPS, Q3 2020 earnings at $1.79 EPS, Q4 2020 earnings at $2.03 EPS, FY2020 earnings at $6.80 EPS, Q1 2021 earnings at $1.52 EPS, Q2 2021 earnings at $1.99 EPS, Q3 2021 earnings at $2.01 EPS, Q4 2021 earnings at $2.20 EPS and FY2021 earnings at $7.70 EPS.
Several other equities research analysts have also recently issued reports on STT. Wolfe Research upgraded State Street from a “peer perform” rating to an “outperform” rating in a report on Monday, January 6th. ValuEngine lowered State Street from a “hold” rating to a “sell” rating in a report on Wednesday, December 4th. Buckingham Research reiterated a “buy” rating and issued a $84.00 target price (up from $73.00) on shares of State Street in a research report on Monday, November 18th. They noted that the move was a valuation call. Morgan Stanley increased their price objective on shares of State Street from $71.00 to $76.00 and gave the company an “underweight” rating in a report on Monday, December 23rd. Finally, Deutsche Bank lifted their price objective on State Street from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Three analysts have rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $77.40.
NYSE:STT traded up $0.19 during midday trading on Tuesday, reaching $80.14. 210,809 shares of the stock traded hands, compared to its average volume of 1,951,517. State Street has a 12-month low of $48.62 and a 12-month high of $82.94. The business has a 50-day moving average of $78.98 and a two-hundred day moving average of $64.31. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.48 and a current ratio of 0.48. The stock has a market capitalization of $29.65 billion, a PE ratio of 11.13, a price-to-earnings-growth ratio of 1.12 and a beta of 1.58.
In other news, EVP Jeffrey N. Carp sold 7,124 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $73.10, for a total value of $520,764.40. Also, EVP Joerg Ambrosius sold 2,500 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $75.08, for a total value of $187,700.00. Following the completion of the transaction, the executive vice president now owns 14,654 shares in the company, valued at approximately $1,100,222.32. The disclosure for this sale can be found here. Insiders have sold a total of 118,984 shares of company stock valued at $7,709,865 over the last ninety days. 0.40% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its stake in State Street by 28.1% during the second quarter. Janus Henderson Group PLC now owns 146,882 shares of the asset manager’s stock valued at $8,235,000 after buying an additional 32,205 shares in the last quarter. LPL Financial LLC boosted its position in shares of State Street by 1.6% in the 2nd quarter. LPL Financial LLC now owns 52,088 shares of the asset manager’s stock worth $2,920,000 after buying an additional 808 shares in the last quarter. First Allied Advisory Services Inc. boosted its position in shares of State Street by 4.5% in the 2nd quarter. First Allied Advisory Services Inc. now owns 12,424 shares of the asset manager’s stock worth $697,000 after buying an additional 534 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of State Street by 114.5% during the 2nd quarter. Renaissance Technologies LLC now owns 429,031 shares of the asset manager’s stock worth $24,051,000 after purchasing an additional 229,000 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of State Street by 13.7% in the second quarter. Pacer Advisors Inc. now owns 35,897 shares of the asset manager’s stock valued at $2,012,000 after buying an additional 4,333 shares during the last quarter. Institutional investors and hedge funds own 89.89% of the company’s stock.
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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