State Street (NYSE:STT) Stock Rating Reaffirmed by Royal Bank of Canada

State Street (NYSE:STT)‘s stock had its “sector perform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research note issued to investors on Monday, Benzinga reports. They currently have a $85.00 price target on the asset manager’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 15.07% from the company’s current price.

Several other research firms also recently weighed in on STT. Morgan Stanley restated an “equal weight” rating and issued a $90.00 target price on shares of State Street in a research report on Wednesday, June 12th. Evercore ISI raised their target price on State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. UBS Group raised their target price on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Argus raised their target price on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Keefe, Bruyette & Woods decreased their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $83.88.

State Street Stock Performance

Shares of STT stock opened at $73.87 on Monday. The company has a market capitalization of $22.25 billion, a P/E ratio of 13.83, a P/E/G ratio of 1.29 and a beta of 1.49. The business’s 50 day moving average is $74.30 and its two-hundred day moving average is $74.62. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.90. State Street has a 12-month low of $62.78 and a 12-month high of $79.90.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. The company had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.06 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. Analysts expect that State Street will post 7.94 EPS for the current fiscal year.

Institutional Investors Weigh In On State Street

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LRI Investments LLC acquired a new stake in State Street during the first quarter worth $25,000. CVA Family Office LLC acquired a new stake in shares of State Street in the fourth quarter valued at $27,000. Venturi Wealth Management LLC grew its stake in shares of State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after buying an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of State Street in the fourth quarter valued at $35,000. Finally, Norwood Financial Corp acquired a new stake in shares of State Street in the first quarter valued at $35,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Company Profile

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.