Wolfe Research Initiates Coverage on State Street (STT)

Equities researchers at Wolfe Research started coverage on shares of State Street (NYSE:STT) in a research note issued on Tuesday, The Fly reports. The brokerage set a “market perform” rating on the asset manager’s stock.

A number of other brokerages have also recently issued reports on STT. Deutsche Bank decreased their target price on State Street from $116.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, June 29th. Sandler O’Neill reissued a “hold” rating on shares of State Street in a research report on Friday, July 13th. ValuEngine raised State Street from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 4th. Keefe, Bruyette & Woods cut State Street from an “outperform” rating to a “market perform” rating and set a $91.00 target price for the company. in a research report on Thursday, August 2nd. Finally, Bank of America decreased their target price on State Street from $104.00 to $97.00 and set a “neutral” rating for the company in a research report on Wednesday, July 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. State Street presently has a consensus rating of “Hold” and a consensus target price of $105.71.

Shares of NYSE STT traded up $0.05 during trading hours on Tuesday, reaching $87.10. The stock had a trading volume of 8,566 shares, compared to its average volume of 2,359,506. The stock has a market cap of $32.47 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.06 and a beta of 1.20. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.54. State Street has a fifty-two week low of $82.43 and a fifty-two week high of $114.27.

State Street (NYSE:STT) last announced its earnings results on Friday, July 20th. The asset manager reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.13). The firm had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3.05 billion. State Street had a net margin of 19.56% and a return on equity of 14.98%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $1.67 earnings per share. sell-side analysts anticipate that State Street will post 7.66 earnings per share for the current year.

In other State Street news, insider Jeff D. Conway sold 343 shares of the stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $83.16, for a total transaction of $28,523.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph L. Hooley sold 25,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $83.01, for a total value of $2,075,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 26,954 shares of company stock valued at $2,237,777 over the last ninety days. 0.40% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of State Street during the 2nd quarter worth approximately $109,000. Adviser Investments LLC purchased a new position in shares of State Street during the 1st quarter worth approximately $145,000. Delta Asset Management LLC TN purchased a new position in shares of State Street during the 2nd quarter worth approximately $142,000. Institutional & Family Asset Management LLC purchased a new position in shares of State Street during the 1st quarter worth approximately $162,000. Finally, Ostrum Asset Management purchased a new position in shares of State Street during the 1st quarter worth approximately $174,000. 86.69% of the stock is owned by institutional investors.

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.

Further Reading: Fundamental Analysis and Individual Investors

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