State Street (NYSE:STT) had its price objective raised by equities researchers at Morgan Stanley from $55.00 to $58.00 in a research note issued on Tuesday, AnalystRatings.com reports. The firm presently has an “underweight” rating on the asset manager’s stock. Morgan Stanley’s price target would suggest a potential downside of 4.10% from the stock’s current price.
STT has been the subject of a number of other research reports. Bank of America reaffirmed a “buy” rating and issued a $65.00 price objective (down previously from $75.00) on shares of State Street in a report on Thursday, June 6th. Deutsche Bank cut their price objective on shares of State Street from $55.00 to $53.00 and set a “hold” rating for the company in a report on Wednesday, August 21st. Zacks Investment Research cut shares of State Street from a “hold” rating to a “sell” rating and set a $59.00 price objective for the company. in a report on Tuesday, June 4th. Raymond James lifted their price objective on shares of State Street from $68.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Co set a $55.00 price objective on shares of State Street and gave the company a “hold” rating in a report on Friday, August 16th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $67.95.
NYSE STT opened at $60.48 on Tuesday. The company has a market capitalization of $22.78 billion, a PE ratio of 8.38, a P/E/G ratio of 1.00 and a beta of 1.47. The company has a fifty day moving average of $53.37 and a 200 day moving average of $60.24. State Street has a 1 year low of $48.62 and a 1 year high of $90.20. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.48 and a quick ratio of 0.48.
In other news, EVP Jeffrey N. Carp sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total transaction of $1,293,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hanley Ronald P. O bought 7,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were bought at an average cost of $50.43 per share, with a total value of $353,010.00. Following the purchase, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at $6,416,461.05. The disclosure for this purchase can be found here. Insiders have bought 11,000 shares of company stock valued at $577,375 in the last three months. Corporate insiders own 0.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in STT. Longview Partners Guernsey LTD increased its stake in shares of State Street by 34.2% during the second quarter. Longview Partners Guernsey LTD now owns 20,398,955 shares of the asset manager’s stock worth $1,143,565,000 after purchasing an additional 5,203,360 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of State Street by 24.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 11,962,313 shares of the asset manager’s stock worth $670,607,000 after purchasing an additional 2,323,171 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of State Street by 21,541.7% during the second quarter. Nuveen Asset Management LLC now owns 2,087,558 shares of the asset manager’s stock worth $117,029,000 after purchasing an additional 2,077,912 shares in the last quarter. BlackRock Inc. increased its stake in shares of State Street by 7.0% during the second quarter. BlackRock Inc. now owns 30,035,664 shares of the asset manager’s stock worth $1,683,799,000 after purchasing an additional 1,975,332 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of State Street by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,748,395 shares of the asset manager’s stock worth $298,936,000 after purchasing an additional 600,360 shares in the last quarter. 89.81% of the stock is 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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