Royal Bank of Canada Increases State Street (NYSE:STT) Price Target to $78.00

State Street (NYSE:STT) had its price objective upped by equities researchers at Royal Bank of Canada from $70.00 to $78.00 in a research report issued to clients and investors on Thursday, The Fly reports. Royal Bank of Canada’s price objective suggests a potential upside of 7.14% from the company’s previous close.

STT has been the topic of a number of other research reports. Piper Sandler raised their target price on shares of State Street from $67.00 to $69.00 and gave the stock a “neutral” rating in a research report on Monday, October 19th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $74.00 to $84.00 in a research report on Wednesday, November 18th. UBS Group decreased their target price on shares of State Street from $64.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 6th. Deutsche Bank Aktiengesellschaft upgraded shares of State Street from a “hold” rating to a “buy” rating and raised their target price for the stock from $67.00 to $80.00 in a research report on Wednesday, November 11th. Finally, ValuEngine lowered shares of State Street from a “hold” rating to a “sell” rating in a research report on Tuesday, December 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $76.25.

Shares of STT opened at $72.80 on Thursday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.50 and a quick ratio of 0.54. The firm has a 50 day simple moving average of $67.92 and a 200-day simple moving average of $65.47. State Street has a 1-year low of $42.10 and a 1-year high of $85.89. The stock has a market cap of $25.68 billion, a price-to-earnings ratio of 10.93, a price-to-earnings-growth ratio of 2.04 and a beta of 1.54.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 16th. The asset manager reported $1.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.41 by $0.04. State Street had a net margin of 20.75% and a return on equity of 12.24%. The business had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period last year, the company posted $1.51 EPS. The company’s revenue was down 4.1% on a year-over-year basis. On average, equities analysts expect that State Street will post 6.55 earnings per share for the current fiscal year.

In other news, CEO Francisco Aristeguieta sold 62,183 shares of the stock in a transaction dated Monday, October 19th. The stock was sold at an average price of $66.13, for a total value of $4,112,161.79. Following the completion of the sale, the chief executive officer now owns 110,582 shares in the company, valued at $7,312,787.66. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.28% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC boosted its holdings in State Street by 366.4% in the second quarter. AQR Capital Management LLC now owns 3,169,222 shares of the asset manager’s stock valued at $196,397,000 after purchasing an additional 2,489,751 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in State Street by 49.3% in the third quarter. JPMorgan Chase & Co. now owns 5,020,832 shares of the asset manager’s stock valued at $300,698,000 after purchasing an additional 1,657,450 shares during the last quarter. AJO LP boosted its holdings in State Street by 4,464.2% in the second quarter. AJO LP now owns 1,177,104 shares of the asset manager’s stock valued at $74,804,000 after purchasing an additional 1,151,314 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in State Street in the third quarter valued at about $58,301,000. Finally, Allianz Asset Management GmbH boosted its holdings in State Street by 345.4% in the third quarter. Allianz Asset Management GmbH now owns 636,281 shares of the asset manager’s stock valued at $37,750,000 after purchasing an additional 493,436 shares during the last quarter. Institutional investors and hedge funds own 90.33% 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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