State Street (NYSE:STT) had its target price reduced by investment analysts at Raymond James from $84.00 to $68.00 in a report released on Wednesday, BenzingaRatingsTable reports. The brokerage currently has a “strong-buy” rating on the asset manager’s stock. Raymond James’ price target indicates a potential upside of 23.84% from the company’s current price.
A number of other research firms also recently weighed in on STT. ValuEngine downgraded State Street from a “sell” rating to a “strong sell” rating in a research note on Friday, March 1st. Keefe, Bruyette & Woods downgraded State Street from a “market perform” rating to an “underperform” rating and dropped their price target for the stock from $72.00 to $70.00 in a research note on Sunday, February 24th. Zacks Investment Research downgraded State Street from a “hold” rating to a “sell” rating in a research note on Tuesday, March 19th. Deutsche Bank downgraded State Street from a “buy” rating to a “hold” rating and set a $69.95 price target on the stock. in a research note on Thursday, March 14th. Finally, Morgan Stanley lowered their price objective on State Street from $88.00 to $84.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $75.70.
STT stock opened at $54.91 on Wednesday. State Street has a fifty-two week low of $53.53 and a fifty-two week 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. The company has a market cap 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 (NYSE:STT) last posted its quarterly earnings results on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. State Street had a return on equity of 13.44% and a net margin of 18.77%. The business had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same period in the prior year, the business earned $1.62 EPS. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities research analysts forecast that State Street will post 6.41 earnings per share for the current year.
In other State Street news, EVP Jeffrey N. Carp sold 25,000 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total transaction of $1,580,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory L. Summe acquired 3,000 shares of State Street stock in a transaction on Tuesday, May 7th. The shares were purchased at an average cost of $64.50 per share, with a total value of $193,500.00. The disclosure for this purchase can be found here. Company insiders own 0.40% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goelzer Investment Management Inc. purchased a new position in State Street in the 1st quarter worth approximately $316,000. CX Institutional boosted its holdings in shares of State Street by 421.6% during the 1st quarter. CX Institutional now owns 34,503 shares of the asset manager’s stock valued at $2,271,000 after purchasing an additional 27,888 shares during the last quarter. Advisor Group Inc. raised its position in shares of State Street by 11.9% during the 4th quarter. Advisor Group Inc. now owns 24,822 shares of the asset manager’s stock valued at $1,566,000 after buying an additional 2,640 shares in the last quarter. Harvest Group Wealth Management LLC purchased a new stake in State Street in the 1st quarter worth about $28,000. Finally, Letko Brosseau & Associates Inc. increased its position in shares of State Street by 4.0% during the first quarter. Letko Brosseau & Associates Inc. now owns 1,391,515 shares of the asset manager’s stock worth $91,576,000 after acquiring an additional 54,162 shares during the period. Hedge funds and other institutional investors own 89.63% 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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