In a report released yesterday, Gerard Cassidy from RBC Capital reiterated a Hold rating on State Street Corp (STT), with a price target of $80. The company’s shares closed yesterday at $61.69, close to its 52-week low of $61.66.
According to TipRanks.com, Cassidy is a top 25 analyst with an average return of 29.5% and a 81.1% success rate. Cassidy covers the Financial sector, focusing on stocks such as Goldman Sachs Group Inc, Morgan Stanley, and PNC Financial.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for State Street Corp with a $91.50 average price target, which is a 48.3% upside from current levels. In a report issued on December 7, Credit Suisse also maintained a Hold rating on the stock with a $80 price target.
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Based on State Street Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $3.03 billion and net profit of $764 million. In comparison, last year the company earned revenue of $2.85 billion and had a net profit of $685 million.
Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of STT in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
State Street Corp. operates as a financial holding company. It conducts business primarily through State Street Bank. The company operates through following business lines: Investment Servicing and Investment Management.
