State Street (STT) Receives New Coverage from Analysts at Goldman Sachs Group

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Equities research analysts at Goldman Sachs Group began coverage on shares of State Street (NYSE:STT) in a report released on Thursday, The Fly reports. The brokerage set a “buy” rating on the asset manager’s stock.

Several other research firms also recently issued reports on STT. Deutsche Bank decreased their price objective on shares of State Street from $116.00 to $115.00 and set a “buy” rating for the company in a research note on Friday, June 29th. Keefe, Bruyette & Woods set a $90.00 target price on shares of State Street and gave the company a “hold” rating in a report on Tuesday, October 2nd. Sandler O’Neill reaffirmed a “hold” rating on shares of State Street in a report on Friday, July 13th. ValuEngine raised shares of State Street from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 4th. Finally, UBS Group upped their target price on shares of State Street from $96.00 to $98.00 and gave the company a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. State Street has a consensus rating of “Hold” and an average target price of $105.07.

NYSE STT opened at $82.87 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.52 and a quick ratio of 0.52. State Street has a 1 year low of $82.43 and a 1 year high of $114.27. The firm has a market capitalization of $30.65 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 1.00 and a beta of 1.22.

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

In related news, EVP George E. Sullivan sold 1,611 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $83.18, for a total transaction of $134,002.98. Following the completion of the transaction, the executive vice president now directly owns 58,847 shares of the company’s stock, valued at $4,894,893.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeff D. Conway sold 343 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $83.16, for a total transaction of $28,523.88. The disclosure for this sale can be found here. Insiders sold 26,954 shares of company stock valued at $2,237,777 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of STT. Moneta Group Investment Advisors LLC raised its holdings in State Street by 3,604.1% during the second quarter. Moneta Group Investment Advisors LLC now owns 29,633 shares of the asset manager’s stock worth $103,000 after purchasing an additional 28,833 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in State Street during the second quarter worth about $109,000. Delta Asset Management LLC TN purchased a new position in State Street during the second quarter worth about $142,000. Summit Trail Advisors LLC raised its holdings in State Street by 10,090.2% during the first quarter. Summit Trail Advisors LLC now owns 171,094 shares of the asset manager’s stock worth $171,000 after purchasing an additional 169,415 shares in the last quarter. Finally, Ostrum Asset Management purchased a new position in State Street during the first quarter worth about $174,000. 86.73% of the stock is owned by hedge funds and other 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.

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