State Street (NYSE:STT) had its price target hoisted by Morgan Stanley from $55.00 to $58.00 in a research note issued to investors on Tuesday, AnalystRatings.com reports. Morgan Stanley currently has an underweight rating on the asset manager’s stock.
A number of other research firms also recently commented on STT. ValuEngine downgraded State Street from a hold rating to a sell rating in a report on Thursday, August 1st. Deutsche Bank reduced their target price on State Street from $55.00 to $53.00 and set a hold rating on the stock in a report on Wednesday, August 21st. Bank of America reaffirmed a buy rating and set a $65.00 target price (down previously from $75.00) on shares of State Street in a report on Thursday, June 6th. Zacks Investment Research downgraded State Street from a hold rating to a sell rating and set a $59.00 target price on the stock. in a report on Tuesday, June 4th. Finally, Buckingham Research cut their price target on State Street from $83.00 to $67.00 and set a buy rating on the stock in a report on Wednesday, June 12th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. State Street currently has an average rating of Hold and a consensus target price of $67.95.
NYSE:STT opened at $61.10 on Tuesday. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.52. The business’s 50 day moving average is $53.41 and its two-hundred day moving average is $60.18. State Street has a 52 week low of $48.62 and a 52 week high of $90.20. The company has a market cap of $22.44 billion, a PE ratio of 9.65, a P/E/G ratio of 0.98 and a beta of 1.47.
State Street (NYSE:STT) last released its earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.05. State Street had a return on equity of 12.13% and a net margin of 17.66%. The company had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter last year, the business posted $2.05 EPS. State Street’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, sell-side analysts expect that State Street will post 5.73 EPS for the current fiscal year.
In related news, CEO Hanley Ronald P. O purchased 7,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average price of $50.43 per share, with a total value of $353,010.00. Following the acquisition, the chief executive officer now owns 127,235 shares in the company, valued at approximately $6,416,461.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $51.72, for a total value of $1,293,000.00. The disclosure for this sale can be found here. In the last three months, insiders purchased 11,000 shares of company stock worth $577,375. Company insiders own 0.40% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its position in State Street by 7.0% in the 2nd quarter. BlackRock Inc. now owns 30,035,664 shares of the asset manager’s stock valued at $1,683,799,000 after acquiring an additional 1,975,332 shares during the period. Longview Partners Guernsey LTD increased its position in shares of State Street by 34.2% during the 2nd quarter. Longview Partners Guernsey LTD now owns 20,398,955 shares of the asset manager’s stock valued at $1,143,565,000 after purchasing an additional 5,203,360 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of State Street by 24.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,962,313 shares of the asset manager’s stock valued at $670,607,000 after purchasing an additional 2,323,171 shares during the period. Geode Capital Management LLC increased its position in shares of State Street by 14.5% during the 4th quarter. Geode Capital Management LLC now owns 4,748,395 shares of the asset manager’s stock valued at $298,936,000 after purchasing an additional 600,360 shares during the period. Finally, Yacktman Asset Management LP increased its position in shares of State Street by 1.0% during the 2nd quarter. Yacktman Asset Management LP now owns 2,636,045 shares of the asset manager’s stock valued at $147,777,000 after purchasing an additional 26,230 shares during the period. Hedge funds and other institutional investors own 89.81% 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. 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.
Further Reading: Outstanding Shares and The Effect on Share Price
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