State Street (STT) Upgraded at Bank of America

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Bank of America upgraded shares of State Street (NYSE:STT) from a neutral rating to a buy rating in a research report released on Friday, MarketBeat.com reports. The brokerage currently has $66.51 price target on the asset manager’s stock.

Several other equities analysts also recently commented on STT. Wolfe Research started coverage on State Street in a research report on Tuesday, September 25th. They issued a market perform rating on the stock. Deutsche Bank increased their price target on State Street from $98.00 to $99.00 and gave the stock a buy rating in a research report on Thursday, September 27th. Keefe, Bruyette & Woods set a $90.00 price target on State Street and gave the stock a hold rating in a research report on Tuesday, October 2nd. UBS Group increased their price target on State Street from $96.00 to $98.00 and gave the stock a buy rating in a research report on Monday, October 8th. Finally, Goldman Sachs Group started coverage on State Street in a research report on Thursday, October 11th. They set a buy rating on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $92.03.

Shares of State Street stock opened at $67.01 on Friday. The firm has a market capitalization of $25.35 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 0.96 and a beta of 1.35. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.50 and a current ratio of 0.50. State Street has a 52 week low of $57.87 and a 52 week high of $114.27.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, October 19th. The asset manager reported $1.87 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.89 by ($0.02). The business had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $3.02 billion. State Street had a net margin of 19.90% and a return on equity of 14.99%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same period last year, the company earned $1.71 EPS. On average, equities analysts expect that State Street will post 7.31 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 16th. Stockholders of record on Wednesday, January 2nd will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Monday, December 31st. State Street’s payout ratio is 31.54%.

In related news, EVP Louis D. Maiuri acquired 740 shares of the firm’s stock in a transaction that occurred on Wednesday, October 24th. The stock was purchased at an average cost of $67.60 per share, for a total transaction of $50,024.00. Following the purchase, the executive vice president now directly owns 45,314 shares of the company’s stock, valued at approximately $3,063,226.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Saint-Aignan Patrick De acquired 500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 23rd. The shares were bought at an average price of $68.62 per share, with a total value of $34,310.00. Following the completion of the purchase, the director now directly owns 25,138 shares in the company, valued at $1,724,969.56. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of STT. Baird Financial Group Inc. lifted its stake in shares of State Street by 197.9% during the 2nd quarter. Baird Financial Group Inc. now owns 29,559 shares of the asset manager’s stock worth $2,752,000 after purchasing an additional 19,636 shares during the last quarter. OppenheimerFunds Inc. lifted its stake in shares of State Street by 0.5% during the 2nd quarter. OppenheimerFunds Inc. now owns 210,111 shares of the asset manager’s stock worth $19,559,000 after purchasing an additional 1,082 shares during the last quarter. Raymond James & Associates lifted its stake in shares of State Street by 12.3% during the 2nd quarter. Raymond James & Associates now owns 170,959 shares of the asset manager’s stock worth $15,915,000 after purchasing an additional 18,735 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of State Street by 4.9% during the 2nd quarter. Voya Investment Management LLC now owns 241,396 shares of the asset manager’s stock worth $22,472,000 after purchasing an additional 11,252 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of State Street by 2.4% during the 2nd quarter. Morgan Stanley now owns 1,135,265 shares of the asset manager’s stock worth $105,681,000 after purchasing an additional 26,096 shares during the last quarter. Hedge funds and other institutional investors own 87.19% 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. The company 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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