State Street (NYSE:STT) Given New $190.00 Price Target at Citigroup

State Street (NYSE:STT) had its price objective lowered by Citigroup from $212.00 to $190.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the asset manager’s stock. Citigroup’s target price would suggest a potential upside of 14.78% from the company’s previous close.

STT has been the subject of a number of other research reports. UBS Group set a $176.00 target price on shares of State Street in a research note on Friday, June 26th. Evercore set a $200.00 price objective on State Street in a report on Monday, July 20th. Capital One Financial set a $200.00 price target on State Street in a report on Tuesday, October 6th. TD Cowen initiated coverage on shares of State Street in a report on Thursday, October 8th. They issued a “buy” rating and a $205.00 target price on the stock. Finally, The Goldman Sachs Group boosted their price target on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Ten research 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $190.62.

State Street Stock Down 1.2%

Shares of NYSE:STT traded down $2.06 during trading on Friday, reaching $165.54. The stock had a trading volume of 2,108,107 shares, compared to its average volume of 2,132,154. The company has a current ratio of 0.57, a quick ratio of 0.59 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $45.47 billion, a P/E ratio of 13.47, a PEG ratio of 0.79 and a beta of 1.41. The firm’s 50-day simple moving average is $184.58 and its 200 day simple moving average is $169.60. State Street has a one year low of $104.64 and a one year high of $195.93.

State Street (NYSE:STT) last issued its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.68 by $0.01. State Street had a return on equity of 16.36% and a net margin of 15.81%. The company had revenue of $4 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the business posted $2.78 EPS. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. As a group, research analysts expect that State Street will post 13.80 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP W. Hu sold 9,758 shares of State Street 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 of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,553 shares of the business’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% 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. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in STT. IFM Investors Pty Ltd raised its holdings in State Street by 9.7% in the 1st quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after acquiring an additional 7,469 shares during the period. New York State Teachers Retirement System grew its holdings in State Street by 9.7% in the 1st quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock valued at $38,464,000 after buying an additional 26,862 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of State Street by 18.3% during the first quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock worth $10,856,000 after buying an additional 13,245 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of State Street by 4.7% in the second quarter. Envestnet Asset Management Inc. now owns 426,809 shares of the asset manager’s stock valued at $72,387,000 after acquiring an additional 19,035 shares during the period. Finally, Compass Financial Management LLC bought a new position in State Street during the second quarter worth $1,424,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street News Summary

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

• Positive Sentiment: Third-quarter adjusted earnings of $3.69 per share narrowly exceeded the $3.68 consensus estimate, while revenue increased 12.9% year over year to approximately $4.00 billion. Improving margins and broad-based growth across the company’s businesses were additional positives. State Street Q3 earnings report
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on STT to $230 from $220 and maintained an “outperform” rating, citing the company’s earnings performance and improving profitability. Analyst forecast revisions
• Positive Sentiment: One analysis characterized State Street as attractively valued, highlighting a PEG ratio below 1, stronger margins and continued earnings growth as reasons for a bullish long-term view. State Street valuation analysis
• Neutral Sentiment: Analysts issued mixed target changes after the results. The divergence reflects confidence in State Street’s earnings and fee growth but uncertainty about the pace of future improvement. Mixed analyst revisions
• Negative Sentiment: Revenue fell short of Wall Street’s approximately $4.03 billion forecast, despite the EPS beat. Investors viewed the miss as evidence that the earnings upside was not broad enough to justify a more positive reaction. State Street revenue miss
• Negative Sentiment: Commentary warned that favorable macroeconomic tailwinds may be fading, potentially slowing market-sensitive revenue growth and limiting further upside. State Street macroeconomic outlook
• Negative Sentiment: Truist lowered its price target to $171 from $190 and kept a “hold” rating, reinforcing investor concerns about valuation and near-term growth. A separate notice also reported a proposed investigation into potential securities-law violations; the allegations have not been established. State Street investigation notice

State Street Company Profile

State Street Corporation (NYSE: STT) is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.