State Street (NYSE:STT) Now Covered by Analysts at TD Cowen

Equities researchers at TD Cowen started coverage on shares of State Street (NYSE:STT) in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm set a “buy” rating and a $205.00 price target on the asset manager’s stock. TD Cowen’s target price would suggest a potential upside of 17.57% from the stock’s previous close.

A number of other analysts also recently weighed in on STT. Royal Bank Of Canada increased their price objective on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. Capital One Financial set a $200.00 price objective on State Street in a report on Tuesday. UBS Group set a $176.00 price objective on State Street in a report on Friday, June 26th. Bank of America increased their price target on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a report on Friday, September 18th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and an average price target of $193.38.

State Street Price Performance

Shares of NYSE:STT traded up $0.17 during trading on Thursday, hitting $174.36. 77,406 shares of the company were exchanged, compared to its average volume of 2,097,516. The business’s 50 day moving average is $186.09 and its 200-day moving average is $167.57. The company has a market capitalization of $47.90 billion, a P/E ratio of 15.37, a price-to-earnings-growth ratio of 0.83 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street has a 1-year low of $104.64 and a 1-year high of $195.93.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.04 earnings per share. Equities analysts forecast that State Street will post 13.8 earnings per share for the current year.

Insider Activity

In related news, CEO Ronald O’Hanley sold 14,553 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the firm’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On State Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Western Wealth Management LLC increased its stake in State Street by 3.1% during the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock valued at $253,000 after buying an additional 60 shares during the period. CX Institutional increased its stake in shares of State Street by 1.0% during the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after acquiring an additional 98 shares during the period. Greenleaf Trust lifted its position in State Street by 0.6% in the second quarter. Greenleaf Trust now owns 17,295 shares of the asset manager’s stock worth $2,933,000 after purchasing an additional 99 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after purchasing an additional 100 shares in the last quarter. Finally, Bridgewater Advisors Inc. increased its position in shares of State Street by 5.5% during the 1st quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager’s stock valued at $246,000 after purchasing an additional 101 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Company Profile

State Street Corporation (NYSE: STT) is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.