State Street (NYSE:STT) Stock Keeps Buy Rating at TD Cowen

State Street (NYSE:STT)‘s stock had its “buy” rating reaffirmed by research analysts at TD Cowen in a note issued to investors on Thursday, Benzinga reports. They presently have a $205.00 price objective on the asset manager’s stock. TD Cowen’s price objective suggests a potential upside of 17.35% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Evercore set a $200.00 price objective on shares of State Street in a research report on Monday, July 20th. UBS Group set a $176.00 target price on State Street in a research report on Friday, June 26th. Barclays boosted their price target on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. BMO Capital Markets reduced their price target on State Street from $212.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Capital One Financial set a $200.00 price objective on State Street in a research note on Tuesday. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and an average target price of $193.38.

State Street Price Performance

NYSE STT opened at $174.69 on Thursday. The company has a 50-day moving average price of $186.09 and a 200-day moving average price of $167.57. State Street has a 52 week low of $104.64 and a 52 week high of $195.93. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $47.99 billion, a P/E ratio of 15.35, a PEG ratio of 0.83 and a beta of 1.41.

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

Insider Buying and Selling

In other State Street news, CEO Ronald O’Hanley sold 14,553 shares of the stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 business’s stock in a transaction on Friday, July 24th. The stock was 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 $9,187,988.88. This trade represents 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. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in STT. BlackRock Inc. purchased a new stake in State Street during the second quarter valued at $4,139,389,000. Legal & General Group Plc bought a new stake in shares of State Street in the 2nd quarter worth about $330,849,000. Bank of New York Mellon Corp bought a new stake in shares of State Street in the 2nd quarter worth about $301,393,000. Bank of America Corp DE purchased a new stake in shares of State Street during the 2nd quarter valued at about $285,936,000. Finally, Regents of The University of California lifted its holdings in shares of State Street by 15.6% in the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after acquiring an additional 1,358,923 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About State Street

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.