State Street (NYSE:STT) had its price target increased by Morgan Stanley from $105.00 to $114.00 in a research report issued to clients and investors on Thursday. The brokerage currently has an “equal weight” rating on the asset manager’s stock. Morgan Stanley’s target price would indicate a potential upside of 1.14% from the stock’s current price.
Other research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Tuesday, November 14th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a report on Tuesday, December 12th. Royal Bank of Canada cut their price objective on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a report on Tuesday, October 24th. ValuEngine downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $102.00 price objective (up from $88.00) on shares of State Street in a report on Monday, October 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $105.44.
State Street (STT) traded up $0.53 during trading on Thursday, hitting $112.71. 2,224,000 shares of the stock were exchanged, compared to its average volume of 1,808,619. State Street has a 1 year low of $74.45 and a 1 year high of $114.27. The company has a market cap of $41,600.46, a P/E ratio of 21.55, a P/E/G ratio of 1.45 and a beta of 1.36. The company has a quick ratio of 0.48, a current ratio of 0.49 and a debt-to-equity ratio of 0.61.
In other news, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total transaction of $2,315,000.00. The disclosure for this sale can be found here. Insiders sold a total of 28,724 shares of company stock worth $2,659,741 over the last quarter. Corporate insiders own 0.71% of the company’s stock.
Several institutional investors have recently bought and sold shares of STT. Schroder Investment Management Group raised its position in shares of State Street by 73.8% during the 2nd quarter. Schroder Investment Management Group now owns 3,128 shares of the asset manager’s stock valued at $281,000 after buying an additional 1,328 shares in the last quarter. ETRADE Capital Management LLC purchased a new stake in shares of State Street during the 2nd quarter valued at $540,000. MML Investors Services LLC raised its position in shares of State Street by 3.7% during the 2nd quarter. MML Investors Services LLC now owns 5,703 shares of the asset manager’s stock valued at $512,000 after buying an additional 203 shares in the last quarter. Brandywine Global Investment Management LLC raised its position in shares of State Street by 5.5% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 417,752 shares of the asset manager’s stock valued at $37,485,000 after buying an additional 21,674 shares in the last quarter. Finally, Numeric Investors LLC raised its position in shares of State Street by 638.5% during the 2nd quarter. Numeric Investors LLC now owns 288,000 shares of the asset manager’s stock valued at $25,842,000 after buying an additional 249,000 shares in the last quarter. Hedge funds and other institutional investors own 88.11% of the company’s stock.
About State Street
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
