Wolfe Research Reiterates Underperform Rating for State Street (NYSE:STT)

State Street (NYSE:STT)‘s stock had its “underperform” rating reissued by analysts at Wolfe Research in a research note issued on Monday, MarketBeat reports. They presently have a $73.00 price target on the asset manager’s stock. Wolfe Research’s target price would indicate a potential downside of 1.89% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. UBS Group upped their price objective on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Keefe, Bruyette & Woods decreased their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Argus lifted their price target on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Evercore ISI restated an “outperform” rating and set a $88.00 price objective on shares of State Street in a report on Wednesday, July 3rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $85.00 target price on shares of State Street in a research report on Monday, July 1st. Three analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $83.11.

State Street Stock Performance

STT stock opened at $74.41 on Monday. State Street has a 1-year low of $62.78 and a 1-year high of $79.90. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.90. The stock has a 50-day moving average price of $74.33 and a 200-day moving average price of $74.49. The firm has a market cap of $22.42 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.28 and a beta of 1.48.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.21. The firm had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.06 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. As a group, equities research analysts expect that State Street will post 7.95 earnings per share for the current year.

Institutional Trading of State Street

A number of large investors have recently added to or reduced their stakes in STT. Capital International Investors grew its position in shares of State Street by 0.5% during the 1st quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock valued at $512,381,000 after acquiring an additional 31,314 shares during the period. LSV Asset Management raised its stake in shares of State Street by 10.5% in the first quarter. LSV Asset Management now owns 4,044,135 shares of the asset manager’s stock valued at $312,693,000 after buying an additional 385,404 shares during the period. Metropolis Capital Ltd grew its stake in shares of State Street by 5.3% during the 1st quarter. Metropolis Capital Ltd now owns 3,645,635 shares of the asset manager’s stock worth $281,880,000 after acquiring an additional 183,591 shares during the period. Dimensional Fund Advisors LP increased its holdings in State Street by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock worth $201,243,000 after acquiring an additional 79,746 shares during the last quarter. Finally, Putnam Investments LLC raised its stake in State Street by 5.8% in the 4th quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock valued at $181,508,000 after acquiring an additional 129,493 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Company Profile

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.