State Street (NYSE:STT) PT Lowered to $95.00 at Morgan Stanley

State Street (NYSE:STT) had its price target reduced by Morgan Stanley from $103.00 to $95.00 in a note issued to investors on Monday, Analyst Ratings Network reports. The brokerage currently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s target price suggests a potential upside of 20.87% from the company’s previous close.

STT has been the topic of several other research reports. Piper Sandler increased their target price on shares of State Street from $69.00 to $81.00 and gave the company a “neutral” rating in a research note on Monday, January 11th. Wells Fargo & Company increased their target price on shares of State Street from $83.00 to $90.00 and gave the company an “equal weight” rating in a research note on Thursday, April 1st. Deutsche Bank Aktiengesellschaft increased their target price on shares of State Street from $97.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, April 15th. Barclays increased their target price on shares of State Street from $99.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, April 7th. Finally, Wolfe Research downgraded shares of State Street from a “market perform” rating to an “underperform” rating and increased their target price for the company from $72.00 to $77.00 in a research note on Tuesday, January 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $82.07.

Shares of NYSE:STT opened at $78.60 on Monday. The company has a market cap of $27.39 billion, a P/E ratio of 11.80, a PEG ratio of 1.11 and a beta of 1.60. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.50 and a quick ratio of 0.50. State Street has a 1 year low of $51.21 and a 1 year high of $87.89. The stock’s fifty day moving average price is $83.27 and its 200-day moving average price is $73.72.

State Street (NYSE:STT) last posted its earnings results on Thursday, April 15th. The asset manager reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.12. State Street had a return on equity of 12.24% and a net margin of 20.75%. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same quarter in the prior year, the company earned $1.62 earnings per share. State Street’s revenue was down 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that State Street will post 6.58 earnings per share for the current year.

In other news, EVP Michael L. Richards sold 533 shares of the firm’s stock in a transaction dated Tuesday, February 23rd. The shares were sold at an average price of $74.39, for a total value of $39,649.87. Following the sale, the executive vice president now directly owns 17,315 shares in the company, valued at approximately $1,288,062.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andrew Erickson sold 11,000 shares of State Street stock in a transaction that occurred on Friday, February 26th. The stock was sold at an average price of $73.30, for a total transaction of $806,300.00. Following the completion of the transaction, the executive vice president now directly owns 58,997 shares in the company, valued at approximately $4,324,480.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,898 shares of company stock worth $873,183. 0.28% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of State Street by 1.4% during the fourth quarter. BlackRock Inc. now owns 24,702,594 shares of the asset manager’s stock worth $1,797,851,000 after purchasing an additional 339,171 shares in the last quarter. Ninety One UK Ltd increased its position in shares of State Street by 11.4% during the fourth quarter. Ninety One UK Ltd now owns 3,896,152 shares of the asset manager’s stock worth $283,562,000 after purchasing an additional 397,694 shares in the last quarter. Norges Bank acquired a new position in shares of State Street during the fourth quarter worth $273,200,000. Coho Partners Ltd. increased its position in shares of State Street by 0.9% during the fourth quarter. Coho Partners Ltd. now owns 2,576,380 shares of the asset manager’s stock worth $187,509,000 after purchasing an additional 21,895 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of State Street by 7.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,175,235 shares of the asset manager’s stock worth $158,314,000 after purchasing an additional 146,009 shares in the last quarter. 91.77% 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 accounting; daily pricing and administration; master trust and master custody; depotbank; 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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