State Street (NYSE:STT) Price Target Cut to $139.00 by Analysts at Morgan Stanley

State Street (NYSE:STT) had its target price dropped by stock analysts at Morgan Stanley from $142.00 to $139.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s target price would indicate a potential upside of 55.43% from the company’s current price.

Several other equities research analysts have also weighed in on the stock. Wells Fargo & Company upped their target price on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Barclays boosted their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Truist Financial dropped their price target on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $101.20.

State Street Stock Performance

STT traded down $3.11 during trading on Thursday, reaching $89.43. 961,139 shares of the company’s stock were exchanged, compared to its average volume of 2,064,827. The company has a market capitalization of $25.80 billion, a P/E ratio of 10.85, a PEG ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The business has a 50 day moving average price of $98.28 and a 200 day moving average price of $93.89. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $103.00.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.04 earnings per share. As a group, analysts predict that State Street will post 9.68 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of State Street during the fourth quarter worth $30,624,000. Integrated Advisors Network LLC bought a new position in State Street during the fourth quarter worth about $207,000. Aurdan Capital Management LLC acquired a new position in State Street in the fourth quarter valued at about $5,515,000. Forum Financial Management LP grew its stake in State Street by 5.5% in the fourth quarter. Forum Financial Management LP now owns 4,483 shares of the asset manager’s stock valued at $440,000 after acquiring an additional 232 shares during the period. Finally, Toronto Dominion Bank increased its holdings in shares of State Street by 4.4% in the fourth quarter. Toronto Dominion Bank now owns 162,126 shares of the asset manager’s stock worth $15,912,000 after acquiring an additional 6,907 shares in the last quarter. Institutional investors and hedge funds 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.