Morgan Stanley Cuts State Street (NYSE:STT) Price Target to $69.00

State Street (NYSE:STT) had its price target lowered by equities researchers at Morgan Stanley from $76.00 to $69.00 in a report issued on Wednesday, BenzingaRatingsTable reports. The firm presently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s price objective points to a potential upside of 25.66% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Deutsche Bank lowered shares of State Street from a “buy” rating to a “hold” rating and set a $69.95 target price on the stock. in a report on Thursday, March 14th. Keefe, Bruyette & Woods lowered shares of State Street from a “market perform” rating to an “underperform” rating and decreased their target price for the company from $72.00 to $70.00 in a report on Sunday, February 24th. ValuEngine lowered shares of State Street from a “sell” rating to a “strong sell” rating in a report on Friday, March 1st. Zacks Investment Research upgraded shares of State Street from a “sell” rating to a “hold” rating in a report on Monday, March 25th. Finally, Bank of America reiterated a “buy” rating and issued a $65.00 target price (down from $75.00) on shares of State Street in a report on Thursday, June 6th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $75.70.

State Street stock opened at $54.91 on Wednesday. The stock has a market capitalization of $21.35 billion, a P/E ratio of 7.61, a PEG ratio of 0.83 and a beta of 1.46. State Street has a 1-year low of $53.53 and a 1-year high of $100.93. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.45 and a current ratio of 0.45.

State Street (NYSE:STT) last announced its earnings results on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.05. State Street had a net margin of 18.77% and a return on equity of 13.44%. The company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same period last year, the firm earned $1.62 earnings per share. State Street’s revenue was down 4.1% compared to the same quarter last year. Sell-side analysts expect that State Street will post 6.41 EPS for the current fiscal year.

In other news, EVP Jeffrey N. Carp sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $63.22, for a total value of $1,580,500.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gregory L. Summe purchased 3,000 shares of State Street stock in a transaction dated Tuesday, May 7th. The stock was bought at an average cost of $64.50 per share, for a total transaction of $193,500.00. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in STT. Parallel Advisors LLC increased its stake in State Street by 17.3% during the 4th quarter. Parallel Advisors LLC now owns 1,012 shares of the asset manager’s stock worth $63,000 after buying an additional 149 shares during the period. Kaizen Advisory LLC increased its stake in State Street by 18.0% during the 4th quarter. Kaizen Advisory LLC now owns 1,044 shares of the asset manager’s stock worth $66,000 after buying an additional 159 shares during the period. Sowell Financial Services LLC increased its stake in State Street by 3.2% during the 4th quarter. Sowell Financial Services LLC now owns 5,514 shares of the asset manager’s stock worth $348,000 after buying an additional 172 shares during the period. Cigna Investments Inc. New increased its stake in State Street by 1.7% during the 4th quarter. Cigna Investments Inc. New now owns 11,082 shares of the asset manager’s stock worth $698,000 after buying an additional 181 shares during the period. Finally, Utah Retirement Systems increased its stake in State Street by 0.3% during the 4th quarter. Utah Retirement Systems now owns 70,014 shares of the asset manager’s stock worth $4,416,000 after buying an additional 200 shares during the period. 89.63% of the stock is currently owned by institutional investors and hedge funds.

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.

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