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

State Street (NYSE:STT) had its price target dropped by investment analysts at Morgan Stanley from $139.00 to $132.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s target price would indicate a potential upside of 47.81% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Wells Fargo & Company lowered their target price on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Barclays boosted their price target on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Evercore ISI lowered their price objective on shares of State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $102.07.

State Street Trading Up 0.5 %

Shares of STT traded up $0.49 during trading hours on Wednesday, hitting $89.31. The stock had a trading volume of 276,034 shares, compared to its average volume of 2,163,216. State Street has a 12-month low of $70.20 and a 12-month high of $103.00. The firm has a market cap of $25.76 billion, a P/E ratio of 10.83, a P/E/G ratio of 1.11 and a beta of 1.44. 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 company’s fifty day simple moving average is $94.99 and its 200 day simple moving average is $94.65.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business posted $2.04 EPS. Equities research analysts forecast that State Street will post 9.68 EPS for the current fiscal year.

Insider Transactions at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction 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. This trade represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares of the company’s stock, valued at $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Several large investors have recently bought and sold shares of the stock. Townsquare Capital LLC acquired a new position in shares of State Street during the third quarter valued at approximately $351,000. Rockefeller Capital Management L.P. increased its position in shares of State Street by 14.1% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 24,631 shares of the asset manager’s stock valued at $2,176,000 after purchasing an additional 3,037 shares during the period. Verition Fund Management LLC raised its stake in shares of State Street by 57.3% in the 3rd quarter. Verition Fund Management LLC now owns 39,854 shares of the asset manager’s stock worth $3,526,000 after buying an additional 14,517 shares in the last quarter. Hilltop Holdings Inc. lifted its holdings in shares of State Street by 12.8% in the third quarter. Hilltop Holdings Inc. now owns 4,152 shares of the asset manager’s stock valued at $367,000 after buying an additional 472 shares during the period. Finally, Investment Management Corp of Ontario boosted its stake in State Street by 36.0% during the third quarter. Investment Management Corp of Ontario now owns 12,084 shares of the asset manager’s stock valued at $1,069,000 after buying an additional 3,200 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.