State Street (NYSE:STT) Stock Gets Price Target Cut from Citigroup

State Street (NYSE:STT) had its price target trimmed by Citigroup from $212.00 to $190.00 in a report published on Friday morning,Benzinga reports. The firm currently has a buy rating on the asset manager’s stock.

STT has been the topic of several other reports. Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 18th. Capital One Financial set a $200.00 price objective on shares of State Street in a research report on Tuesday, October 6th. TD Cowen began coverage on State Street in a report on Thursday, October 8th. They set a “buy” rating and a $205.00 price objective for the company. Morgan Stanley boosted their target price on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Royal Bank Of Canada dropped their price target on shares of State Street from $196.00 to $175.00 and set a “sector perform” rating for the company in a research report on Thursday. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $190.62.

State Street Trading Down 0.1%

Shares of NYSE:STT opened at $165.54 on Friday. State Street has a 12 month low of $104.64 and a 12 month high of $195.93. The company has a quick ratio of 0.59, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The company’s fifty day simple moving average is $184.20 and its 200 day simple moving average is $169.89. The firm has a market cap of $45.47 billion, a price-to-earnings ratio of 13.51, a PEG ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings data on Wednesday, October 14th. The asset manager reported $3.69 EPS for the quarter, beating the consensus estimate of $3.68 by $0.01. The business had revenue of $4 billion for the quarter, compared to analysts’ expectations of $4.03 billion. State Street had a net margin of 15.81% and a return on equity of 16.36%. The firm’s revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.78 EPS. As a group, research analysts forecast that State Street will post 13.77 EPS for the current fiscal year.

Insider Activity

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On State Street

A number of large investors have recently modified their holdings of the business. Western Wealth Management LLC increased its stake in State Street by 3.1% in the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock valued at $253,000 after purchasing an additional 60 shares in the last quarter. Community Financial Services Group LLC raised its holdings in shares of State Street by 40.7% during the third quarter. Community Financial Services Group LLC now owns 304 shares of the asset manager’s stock valued at $53,000 after purchasing an additional 88 shares during the period. CX Institutional boosted its position in shares of State Street by 1.0% during the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock worth $1,660,000 after purchasing an additional 98 shares in the last quarter. Greenleaf Trust boosted its position in shares of State Street by 0.6% during the 2nd quarter. Greenleaf Trust now owns 17,295 shares of the asset manager’s stock worth $2,933,000 after purchasing an additional 99 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Trending Headlines about State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street reported third-quarter adjusted earnings of $3.69 per share, slightly above the $3.68 analyst consensus. Revenue increased approximately 12.9% year over year to $4.0 billion, while management highlighted broad-based growth and improving margins. State Street Q3 Earnings Impress But Stock Price Stays Cautious
• Positive Sentiment: Analyst support remains significant. Keefe, Bruyette & Woods raised its price target to $230 and maintained an outperform rating, while TD Cowen initiated or reiterated a buy view. Other analysis points to State Street’s 0.72x PEG ratio and margin improvement as evidence of attractive valuation and earnings potential. State Street Gets a Buy from TD Cowen
• Neutral Sentiment: Analysts have issued mixed revisions following the results. Citigroup lowered its target from $212 to $190 but retained a buy rating, while Truist cut its target from $190 to $171 and maintained a hold rating. The changes suggest analysts see upside, but with more limited near-term expectations. Analysts Offer Insights on Financial Companies
• Negative Sentiment: Revenue fell short of Wall Street’s approximately $4.03 billion forecast, despite the EPS beat. Investors also appear concerned that macroeconomic tailwinds supporting asset servicing, management fees and market activity could weaken. State Street Q3 Another Strong Quarter But Macro Tailwinds May Be Fading
• Negative Sentiment: A law firm announced a pending investigation into potential securities-law violations, adding legal and reputational risk to the earnings-related concerns. State Street Investigation Notice

About State Street

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.