State Street (NYSE:STT) Price Target Cut to $132.00 by Analysts at Morgan Stanley

State Street (NYSE:STT - Get Free Report) had its price target reduced by research analysts at Morgan Stanley from $139.00 to $132.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the asset manager's stock. Morgan Stanley's price objective suggests a potential upside of 73.15% from the stock's previous close.

A number of other equities research analysts have also issued reports on the stock. Wolfe Research raised shares of State Street from an "underperform" rating to a "peer perform" rating in a report on Monday, January 27th. Evercore ISI dropped their target price on shares of State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a report on Tuesday. Barclays upped their price target on State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. Citigroup reduced their price target on State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Finally, Truist Financial decreased their target price on State Street from $106.00 to $104.00 and set a "hold" rating for the company in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $101.07.

Remove Ads

State Street Stock Performance

Shares of STT traded down $6.60 during trading hours on Wednesday, hitting $76.23. The stock had a trading volume of 3,147,886 shares, compared to its average volume of 2,173,015. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a 50-day moving average price of $94.09 and a 200 day moving average price of $94.47. The firm has a market capitalization of $21.99 billion, a price-to-earnings ratio of 9.25, a PEG ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.04 EPS. As a group, research analysts anticipate that State Street will post 9.68 EPS for the current year.

Insider Buying and Selling

In related news, Director Gregory L. Summe sold 10,815 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares of the company's stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Ann Fogarty sold 3,705 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Institutional Trading of State Street

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Albion Financial Group UT bought a new position in State Street during the 4th quarter worth $25,000. Y.D. More Investments Ltd increased its stake in State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock valued at $36,000 after purchasing an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of State Street during the 4th quarter worth about $42,000. Coppell Advisory Solutions LLC grew its stake in shares of State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after buying an additional 412 shares during the period. Finally, Loomis Sayles & Co. L P increased its position in State Street by 187.3% in the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock valued at $47,000 after buying an additional 311 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.