State Street (NYSE:STT) had its target price raised by Morgan Stanley from $55.00 to $58.00 in a research report released on Tuesday, AnalystRatings.com reports. The brokerage currently has an underweight rating on the asset manager’s stock.
A number of other research analysts have also weighed in on STT. Raymond James upped their price objective on State Street from $68.00 to $72.00 and gave the stock a strong-buy rating in a report on Monday, July 22nd. Bank of America reaffirmed a buy rating and set a $65.00 price objective (down previously from $75.00) on shares of State Street in a report on Thursday, June 6th. Royal Bank of Canada dropped their price objective on State Street from $80.00 to $65.00 and set a sector perform rating on the stock in a report on Wednesday, June 19th. Wells Fargo & Co set a $55.00 target price on State Street and gave the stock a hold rating in a research report on Friday, August 16th. Finally, UBS Group boosted their target price on State Street from $58.00 to $59.00 and gave the stock a neutral rating in a research report on Monday, July 8th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. State Street currently has a consensus rating of Hold and an average price target of $67.95.
Shares of STT stock opened at $60.11 on Tuesday. The business’s fifty day moving average price is $53.44 and its 200 day moving average price is $60.12. State Street has a 1-year low of $48.62 and a 1-year high of $89.77. The firm has a market capitalization of $22.44 billion, a PE ratio of 8.33, a P/E/G ratio of 0.98 and a beta of 1.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.48 and a quick ratio of 0.48.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, July 19th. The asset manager reported $1.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.05. State Street had a return on equity of 12.13% and a net margin of 17.66%. The firm had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the prior year, the company posted $2.05 earnings per share. State Street’s quarterly revenue was down 5.1% on a year-over-year basis. Equities research analysts expect that State Street will post 5.73 earnings per share for the current fiscal year.
In related news, CEO Hanley Ronald P. O acquired 7,000 shares of State Street stock in a transaction dated Thursday, August 29th. The shares were acquired at an average cost of $50.43 per share, for a total transaction of $353,010.00. Following the completion of the transaction, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at $6,416,461.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Saint-Aignan Patrick De acquired 500 shares of State Street stock in a transaction dated Monday, July 22nd. The stock was bought at an average price of $58.85 per share, for a total transaction of $29,425.00. Following the completion of the transaction, the director now directly owns 28,793 shares of the company’s stock, valued at $1,694,468.05. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 11,000 shares of company stock worth $577,375. 0.40% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. CWM LLC lifted its position in shares of State Street by 693.4% in the second quarter. CWM LLC now owns 484 shares of the asset manager’s stock valued at $27,000 after acquiring an additional 423 shares in the last quarter. Putnam FL Investment Management Co. purchased a new stake in shares of State Street in the second quarter valued at $28,000. Massmutual Trust Co. FSB ADV purchased a new stake in shares of State Street in the second quarter valued at $31,000. Zions Bancorporation N.A. purchased a new stake in shares of State Street in the first quarter valued at $40,000. Finally, NuWave Investment Management LLC lifted its position in shares of State Street by 50.8% in the second quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock valued at $42,000 after acquiring an additional 250 shares in the last quarter. Institutional investors and hedge funds own 89.81% 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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