Morgan Stanley Increases State Street (NYSE:STT) Price Target to $58.00

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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.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, July 19th. The asset manager reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.05. State Street had a net margin of 17.66% and a return on equity of 12.13%. The company had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the previous year, the company earned $2.05 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. Research analysts expect that State Street will post 5.73 earnings per share for the current year.

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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