State Street (NYSE:STT) Stock Gets Price Target Reduction from BMO Capital Markets

State Street (NYSE:STT) had its target price lowered by BMO Capital Markets from $200.00 to $185.00 in a report issued on Monday,Benzinga reports. BMO Capital Markets currently has an outperform rating on the asset manager’s stock.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company boosted their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Royal Bank Of Canada reduced their price objective 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, October 15th. Evercore set a $200.00 price objective on shares of State Street in a research report on Monday, July 20th. Morgan Stanley lifted their price objective on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Finally, UBS Group set a $176.00 target price on shares of State Street in a research note on Friday, June 26th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $189.74.

State Street Stock Up 1.3%

STT opened at $168.68 on Monday. State Street has a one year low of $111.63 and a one year high of $195.93. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.59 and a current ratio of 0.57. The stock’s fifty day moving average is $182.94 and its 200-day moving average is $170.72. The company has a market capitalization of $46.34 billion, a PE ratio of 12.67, a P/E/G ratio of 0.77 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings data on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.68 by $0.01. State Street had a return on equity of 16.36% and a net margin of 15.81%. The business had revenue of $4 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the firm posted $2.78 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. On average, equities analysts predict that State Street will post 13.77 EPS for the current fiscal year.

Insider Buying and Selling

In other State Street news, EVP W. Hu sold 9,758 shares of State Street stock in a transaction dated 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 transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On State Street

Large investors have recently made changes to their positions in the business. Western Wealth Management LLC boosted its holdings in shares of State Street by 3.1% during the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after purchasing an additional 60 shares during the period. Genesee Capital Advisors LLC increased its stake in State Street by 1.2% in the 3rd quarter. Genesee Capital Advisors LLC now owns 5,601 shares of the asset manager’s stock valued at $978,000 after buying an additional 68 shares during the period. Community Financial Services Group LLC increased its stake in State Street by 40.7% in the 3rd quarter. Community Financial Services Group LLC now owns 304 shares of the asset manager’s stock valued at $53,000 after buying an additional 88 shares during the period. 55 North Private Wealth LLC increased its stake in State Street by 5.6% in the 3rd quarter. 55 North Private Wealth LLC now owns 1,820 shares of the asset manager’s stock valued at $318,000 after buying an additional 97 shares during the period. Finally, CX Institutional lifted its position in State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock worth $1,660,000 after buying an additional 98 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Key Stories Impacting State Street

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

• Positive Sentiment: State Street issued $750 million of fixed-to-floating-rate senior notes, strengthening funding capacity and liquidity. The additional debt may also support balance-sheet flexibility and investment in the company’s asset-servicing and asset-management businesses. State Street Boosts Funding with New Senior Notes
• Neutral Sentiment: Analyst commentary on State Street and Deutsche Bank provides additional sector perspective, but the available report details do not indicate a material change to State Street’s earnings outlook. The company’s latest quarterly results remain a supportive backdrop, with earnings slightly above consensus and revenue up year over year. Analysts Offer Insights on Financial Companies
• Neutral Sentiment: State Street and affiliated investment-management entities reported reducing or exiting substantial-holder positions in several Australian companies, including IDP Education, McMillan Shakespeare, Bega Cheese, Amotiv, Downer EDI, Clarity Pharmaceuticals, FireFly Metals and oOh!media. These disclosures appear to reflect portfolio rebalancing rather than a change in STT’s corporate strategy. State Street Australian Holdings Update
• Neutral Sentiment: State Street Global Advisors Singapore added a market maker to the SPDR Straits Times Index ETF, which could improve trading liquidity and support the ETF franchise, although the direct financial effect on STT is likely limited. SPDR Straits Times Index ETF Adds New Market Maker
• Negative Sentiment: BMO Capital Markets issued a pessimistic forecast for State Street, while Citi cut its price target from $212 to $190. Target reductions can pressure the stock by signaling more limited upside, even though the revised targets may still imply value depending on the current share price. BMO Capital Markets Issues Pessimistic Forecast Citi Cuts State Street Stock Target

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.