Trading Report: Today, Credit Suisse Group AG Begins Coverage on State Street Corp. (STT)

Today, Credit Suisse Group AG Begins Coverage on State Street Corp. (STT)

Credit Suisse Group AG assumed coverage on shares of State Street Corp. (NYSE:STT) in a research note published on Tuesday. The firm issued a neutral rating and a $74.00 target price on the stock.

A number of other brokerages have also issued reports on STT. Zacks Investment Research upgraded State Street Corp. from a hold rating to a buy rating and set a $88.00 price target for the company in a research report on Tuesday, November 15th. Morgan Stanley upgraded State Street Corp. from an underweight rating to an equal weight rating and boosted their price target for the stock from $64.00 to $84.00 in a research report on Monday, November 14th. Jefferies Group boosted their price target on State Street Corp. from $80.00 to $81.00 and gave the stock a buy rating in a research report on Monday, October 10th. Barclays PLC reiterated a buy rating and set a $71.00 price target on shares of State Street Corp. in a research report on Tuesday, October 11th. Finally, Keefe, Bruyette & Woods upgraded State Street Corp. from an underperform rating to a market perform rating in a research report on Wednesday, October 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. State Street Corp. presently has an average rating of Hold and an average price target of $72.81.

Shares of State Street Corp. (NYSE:STT) opened at 78.28 on Tuesday. The company’s 50-day moving average price is $72.92 and its 200-day moving average price is $65.80. The stock has a market cap of $30.20 billion, a PE ratio of 16.02 and a beta of 1.32. State Street Corp. has a 52-week low of $50.60 and a 52-week high of $79.27.

State Street Corp. (NYSE:STT) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $1.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.10. State Street Corp. had a return on equity of 11.59% and a net margin of 19.97%. The company earned $2.62 billion during the quarter, compared to analyst estimates of $2.72 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. Analysts expect that State Street Corp. will post $5.09 earnings per share for the current year.

In other State Street Corp. news, EVP Karen C. Keenan sold 1,000 shares of the company’s stock in a transaction dated Thursday, October 20th. The stock was sold at an average price of $70.57, for a total value of $70,570.00. Following the transaction, the executive vice president now directly owns 48,547 shares of the company’s stock, valued at approximately $3,425,961.79. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey N. Carp sold 2,926 shares of the company’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $77.38, for a total value of $226,413.88. The disclosure for this sale can be found here. Corporate insiders own 0.64% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of State Street Corp. by 30.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 40,812 shares of the company’s stock valued at $2,201,000 after buying an additional 9,500 shares during the last quarter. Capital Analysts LLC raised its position in shares of State Street Corp. by 3,579.7% in the second quarter. Capital Analysts LLC now owns 12,879 shares of the company’s stock valued at $3,297,000 after buying an additional 12,529 shares during the last quarter. Country Trust Bank raised its position in shares of State Street Corp. by 0.7% in the second quarter. Country Trust Bank now owns 462,454 shares of the company’s stock valued at $24,936,000 after buying an additional 3,311 shares during the last quarter. Gillespie Robinson & Grimm Inc. raised its position in shares of State Street Corp. by 4.7% in the second quarter. Gillespie Robinson & Grimm Inc. now owns 342,414 shares of the company’s stock valued at $18,463,000 after buying an additional 15,379 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. raised its position in shares of State Street Corp. by 0.7% in the second quarter. NN Investment Partners Holdings N.V. now owns 46,449 shares of the company’s stock valued at $2,505,000 after buying an additional 300 shares during the last quarter. 86.32% of the stock is currently owned by institutional investors.

State Street Corp. Company Profile

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