State Street (NYSE:STT) had its price objective cut by investment analysts at Deutsche Bank from $68.00 to $67.00 in a report issued on Thursday, BenzingaRatingsTable reports. The firm presently has a “hold” rating on the asset manager’s stock. Deutsche Bank’s target price points to a potential upside of 6.06% from the company’s previous close.
A number of other equities research analysts have also recently issued reports on STT. Royal Bank of Canada reaffirmed a “hold” rating and set a $70.00 target price on shares of State Street in a research report on Sunday, April 19th. JPMorgan Chase & Co. reduced their price objective on State Street from $65.00 to $63.00 and set a “neutral” rating for the company in a research report on Wednesday, May 6th. Seaport Global Securities started coverage on State Street in a research report on Wednesday. They issued a “buy” rating and a $83.00 price objective for the company. Wolfe Research cut State Street from an “outperform” rating to a “peer perform” rating in a research report on Thursday. Finally, Bank of America reduced their price objective on State Street from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 23rd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $74.94.
Shares of STT traded down $1.78 during trading hours on Thursday, reaching $63.17. The company’s stock had a trading volume of 10,030 shares, compared to its average volume of 2,468,827. The company has a 50 day moving average of $63.10 and a two-hundred day moving average of $66.13. State Street has a 1-year low of $42.10 and a 1-year high of $85.89. The firm has a market cap of $22.23 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 1.15 and a beta of 1.53. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.73.
State Street (NYSE:STT) last announced its earnings results on Friday, April 17th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.27. The firm had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $2.92 billion. State Street had a return on equity of 12.36% and a net margin of 19.13%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.24 earnings per share. As a group, analysts forecast that State Street will post 6.05 EPS for the current fiscal year.
In other State Street news, CAO Ian Appleyard sold 5,000 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $64.61, for a total transaction of $323,050.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,859 shares in the company, valued at $1,089,259.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.28% of the company’s stock.
Several large investors have recently made changes to their positions in the company. First American Trust FSB increased its stake in shares of State Street by 86.0% in the second quarter. First American Trust FSB now owns 75,995 shares of the asset manager’s stock valued at $4,829,000 after buying an additional 35,148 shares in the last quarter. DNB Asset Management AS increased its stake in shares of State Street by 4.1% in the second quarter. DNB Asset Management AS now owns 39,160 shares of the asset manager’s stock valued at $2,489,000 after buying an additional 1,551 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of State Street by 60.9% in the second quarter. State of Alaska Department of Revenue now owns 168,414 shares of the asset manager’s stock valued at $10,702,000 after buying an additional 63,723 shares in the last quarter. Ellevest Inc. increased its stake in shares of State Street by 66.9% in the second quarter. Ellevest Inc. now owns 1,212 shares of the asset manager’s stock valued at $77,000 after buying an additional 486 shares in the last quarter. Finally, Metropolis Capital Ltd increased its stake in shares of State Street by 50.0% in the second quarter. Metropolis Capital Ltd now owns 1,170,936 shares of the asset manager’s stock valued at $74,413,000 after buying an additional 390,253 shares in the last quarter. Institutional investors own 89.61% 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. 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.
Featured Story: What is an Initial Coin Offering (ICO)?
Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.