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.
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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