State Street’s (STT) Buy Rating Reaffirmed at Buckingham Research

Buckingham Research reissued their buy rating on shares of State Street (NYSE:STT) in a report published on Monday morning, The Fly reports. Buckingham Research currently has a $84.00 price objective on the asset manager’s stock, up from their previous price objective of $73.00. The analysts noted that the move was a valuation call.

Several other brokerages also recently issued reports on STT. Bank of America raised their price target on State Street from $64.00 to $69.00 and gave the company a buy rating in a report on Monday, October 21st. Wells Fargo & Co set a $55.00 price target on State Street and gave the company a hold rating in a report on Friday, August 16th. Morgan Stanley raised their price target on State Street from $57.00 to $66.00 and gave the company an underweight rating in a report on Tuesday, October 29th. UBS Group lifted their target price on State Street from $60.00 to $68.00 and gave the stock a neutral rating in a report on Monday, October 21st. Finally, Deutsche Bank raised State Street from a hold rating to a buy rating and lifted their target price for the stock from $64.00 to $81.00 in a report on Wednesday, November 6th. Three analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. State Street presently has a consensus rating of Hold and a consensus target price of $70.59.

State Street stock traded down $0.01 during mid-day trading on Monday, hitting $73.39. 2,515,375 shares of the company’s stock traded hands, compared to its average volume of 2,813,883. The firm has a 50 day simple moving average of $64.83 and a two-hundred day simple moving average of $58.78. State Street has a fifty-two week low of $48.62 and a fifty-two week high of $77.00. The stock has a market cap of $26.38 billion, a price-to-earnings ratio of 10.16, a P/E/G ratio of 1.17 and a beta of 1.52. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.48 and a quick ratio of 0.48.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.11. State Street had a return on equity of 11.34% and a net margin of 16.18%. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter last year, the firm posted $1.87 EPS. The company’s quarterly revenue was down 2.9% on a year-over-year basis. On average, research analysts anticipate that State Street will post 5.81 earnings per share for the current fiscal year.

In other news, EVP Jeffrey N. Carp sold 25,000 shares of State Street stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $72.62, for a total transaction of $1,815,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert Willett sold 36,706 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $51.80, for a total value of $1,901,370.80. Insiders have sold 111,706 shares of company stock valued at $7,167,207 in the last three months. Insiders own 0.40% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Advisors LP increased its position in shares of State Street by 25.7% in the second quarter. First Trust Advisors LP now owns 547,096 shares of the asset manager’s stock worth $30,670,000 after purchasing an additional 111,924 shares during the period. Arizona State Retirement System increased its position in shares of State Street by 9.8% in the second quarter. Arizona State Retirement System now owns 106,707 shares of the asset manager’s stock worth $5,982,000 after purchasing an additional 9,524 shares during the period. Asahi Life Asset Management CO. LTD. bought a new position in shares of State Street in the second quarter worth $318,000. GSA Capital Partners LLP bought a new position in shares of State Street in the second quarter worth $877,000. Finally, Arjuna Capital increased its position in shares of State Street by 65.7% in the second quarter. Arjuna Capital now owns 13,041 shares of the asset manager’s stock worth $731,000 after purchasing an additional 5,173 shares during the period. Institutional investors own 93.01% of the company’s stock.

About State Street

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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