Raymond James Trims State Street (NYSE:STT) Target Price to $68.00

State Street (NYSE:STT) had its price objective decreased by research analysts at Raymond James from $84.00 to $68.00 in a research report issued on Wednesday, BenzingaRatingsTable reports. The brokerage presently has a “strong-buy” rating on the asset manager’s stock. Raymond James’ target price indicates a potential upside of 23.84% from the company’s current price.

A number of other research firms have also recently commented on STT. Morgan Stanley lowered their price target on State Street from $76.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday. Buckingham Research reissued a “buy” rating and issued a $67.00 price target (down from $83.00) on shares of State Street in a report on Wednesday. Wells Fargo & Co reissued a “market perform” rating and issued a $63.00 price target (down from $75.00) on shares of State Street in a report on Wednesday. Bank of America reissued a “buy” rating and issued a $65.00 price target (down from $75.00) on shares of State Street in a report on Thursday, June 6th. Finally, Zacks Investment Research cut State Street from a “hold” rating to a “sell” rating and set a $59.00 price target on the stock. in a report on Tuesday, June 4th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. State Street currently has a consensus rating of “Hold” and a consensus target price of $75.70.

Shares of NYSE:STT opened at $54.91 on Wednesday. The company has a market cap of $21.35 billion, a P/E ratio of 7.61, a P/E/G ratio of 0.83 and a beta of 1.46. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.52. State Street has a 12-month low of $53.53 and a 12-month high of $100.93.



State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.05. The company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.92 billion. State Street had a return on equity of 13.44% and a net margin of 18.77%. The firm’s revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.62 EPS. On average, sell-side analysts expect that State Street will post 6.41 earnings per share for the current year.

In other news, Director Gregory L. Summe acquired 3,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were acquired at an average cost of $64.50 per share, with a total value of $193,500.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jeffrey N. Carp sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total value of $1,580,500.00. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of STT. Pearl River Capital LLC purchased a new stake in shares of State Street during the 4th quarter worth approximately $25,000. Harvest Group Wealth Management LLC purchased a new stake in State Street during the 1st quarter valued at $28,000. Magellan Asset Management Ltd raised its holdings in State Street by 80.1% during the 4th quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock valued at $33,000 after buying an additional 234 shares during the period. NuWave Investment Management LLC raised its holdings in State Street by 3,180.0% during the 1st quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock valued at $33,000 after buying an additional 477 shares during the period. Finally, Zions Bancorporation N.A. purchased a new stake in State Street during the 1st quarter valued at $40,000. 89.63% of the stock is currently 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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Analyst Recommendations for State Street (NYSE:STT)

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