Keefe, Bruyette & Woods Boosts State Street (NYSE:STT) Price Target to $195.00

State Street (NYSE:STT) had its price objective increased by equities researchers at Keefe, Bruyette & Woods from $175.00 to $195.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 7.71% from the company’s current price.

Several other brokerages have also issued reports on STT. Truist Financial boosted their target price on shares of State Street from $150.00 to $176.00 and gave the company a “hold” rating in a research report on Friday, June 26th. Argus boosted their price objective on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. The Goldman Sachs Group upped their price objective on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Barclays set a $165.00 target price on State Street in a report on Monday, April 20th. Finally, Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $173.91.

State Street Stock Performance

STT stock traded up $3.61 during trading on Thursday, reaching $181.03. The stock had a trading volume of 1,203,729 shares, compared to its average volume of 2,191,781. The firm has a market cap of $50.10 billion, a PE ratio of 18.38, a PEG ratio of 0.95 and a beta of 1.42. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock’s 50 day moving average is $161.36 and its two-hundred day moving average is $141.65. State Street has a 52 week low of $101.98 and a 52 week high of $183.32.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the company posted $2.04 EPS. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, equities analysts anticipate that State Street will post 12.75 earnings per share for the current year.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 37,876 shares of company stock valued at $5,866,583 over the last 90 days. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Wilkerson Advisory Group LLC purchased a new stake in State Street during the 4th quarter valued at approximately $29,000. JPL Wealth Management LLC purchased a new position in shares of State Street in the third quarter worth $29,000. Phillip James Consulting Co. purchased a new position in shares of State Street in the fourth quarter worth $30,000. Elevation Wealth Partners LLC lifted its holdings in shares of State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after buying an additional 106 shares in the last quarter. Finally, Whipplewood Advisors LLC bought a new position in shares of State Street during the first quarter worth $34,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.