Financial Giant's Shares Soar on EPS Beat and Record Asset Levels
Other equities analysts also recently issued reports about the company. Morgan Stanley lifted their target price on State Street from $100.00 to $102.00 and gave the company an "equal weight" rating in a research note on Wednesday. Citigroup increased their price target on State Street from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods dropped their target price on shares of State Street from $88.00 to $84.00 and set a "market perform" rating on the stock in a report on Thursday, June 27th. Royal Bank of Canada boosted their price objective on State Street from $85.00 to $91.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 17th. Finally, Barclays raised their target price on State Street from $103.00 to $108.00 and gave the stock an "overweight" rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $91.39.
Read Our Latest Stock Analysis on State Street
NYSE:STT traded up $1.11 during trading hours on Wednesday, reaching $92.93. 2,569,710 shares of the company were exchanged, compared to its average volume of 2,244,599. The firm has a market cap of $28.00 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 1.30 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a 50 day simple moving average of $85.33 and a 200 day simple moving average of $79.35. State Street has a 52-week low of $62.78 and a 52-week high of $94.60.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.14. The firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $3.19 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm's revenue was up 21.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.93 EPS. As a group, analysts predict that State Street will post 8.15 EPS for the current year.
Several institutional investors and hedge funds have recently modified their holdings of STT. LRI Investments LLC acquired a new position in shares of State Street during the first quarter worth $25,000. Ashton Thomas Private Wealth LLC purchased a new position in State Street during the 2nd quarter worth $27,000. Norwood Financial Corp purchased a new stake in shares of State Street during the first quarter valued at approximately $35,000. Versant Capital Management Inc boosted its holdings in shares of State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager's stock worth $38,000 after buying an additional 416 shares during the last quarter. Finally, Trust Co. of Vermont increased its stake in shares of State Street by 44.4% during the 2nd quarter. Trust Co. of Vermont now owns 650 shares of the asset manager's stock worth $48,000 after purchasing an additional 200 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.
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, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider State Street, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and State Street wasn't on the list.
While State Street currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.