State Street (STT) Price Target Lowered to $80.00 at Credit Suisse Group

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State Street (NYSE:STT) had its target price lowered by Credit Suisse Group from $88.00 to $80.00 in a report released on Friday, The Fly reports. The firm currently has a neutral rating on the asset manager’s stock.

Several other equities research analysts have also commented on the stock. Wells Fargo & Co dropped their price target on shares of State Street from $92.00 to $82.00 and set an outperform rating on the stock in a research note on Thursday. Zacks Investment Research upgraded shares of State Street from a sell rating to a hold rating in a research note on Wednesday. Deutsche Bank dropped their price target on shares of State Street from $92.00 to $90.00 and set a buy rating on the stock in a research note on Friday, November 16th. Barclays dropped their price target on shares of State Street from $110.00 to $105.00 and set an overweight rating on the stock in a research note on Monday, October 22nd. Finally, Royal Bank of Canada restated a hold rating and issued a $95.00 price target on shares of State Street in a research note on Sunday, October 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. State Street has a consensus rating of Hold and an average target price of $100.40.

STT traded down $0.86 on Friday, hitting $65.04. 4,190,104 shares of the company’s stock were exchanged, compared to its average volume of 2,157,865. The firm has a market cap of $25.01 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 0.97 and a beta of 1.35. State Street has a twelve month low of $63.40 and a twelve month high of $114.27. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.50.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 19th. The asset manager reported $1.87 EPS for the quarter, missing the consensus estimate of $1.89 by ($0.02). State Street had a net margin of 19.90% and a return on equity of 14.99%. The firm had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the previous year, the business posted $1.71 EPS. State Street’s revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts anticipate that State Street will post 7.39 earnings per share for the current year.

In related news, Director Saint-Aignan Patrick De acquired 500 shares of the firm’s stock in a transaction dated Tuesday, October 23rd. The stock was acquired at an average cost of $68.62 per share, for a total transaction of $34,310.00. Following the completion of the acquisition, the director now directly owns 25,138 shares of the company’s stock, valued at approximately $1,724,969.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Louis D. Maiuri acquired 740 shares of the firm’s stock in a transaction dated Wednesday, October 24th. The stock was bought at an average price of $67.60 per share, with a total value of $50,024.00. Following the completion of the acquisition, the executive vice president now directly owns 45,314 shares of the company’s stock, valued at $3,063,226.40. The disclosure for this purchase can be found here. Company insiders own 0.40% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Marshall Wace North America L.P. boosted its holdings in State Street by 234.8% during the third quarter. Marshall Wace North America L.P. now owns 365,638 shares of the asset manager’s stock worth $30,633,000 after buying an additional 256,428 shares in the last quarter. Strategic Wealth Partners Ltd. boosted its holdings in State Street by 1,038.7% during the third quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock worth $30,000 after buying an additional 322 shares in the last quarter. Vanguard Group Inc. boosted its holdings in State Street by 3.6% during the third quarter. Vanguard Group Inc. now owns 26,171,489 shares of the asset manager’s stock worth $2,192,648,000 after buying an additional 910,041 shares in the last quarter. Morgan Stanley boosted its holdings in State Street by 0.6% during the third quarter. Morgan Stanley now owns 1,141,882 shares of the asset manager’s stock worth $95,667,000 after buying an additional 6,617 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in State Street by 6.6% during the third quarter. Legal & General Group Plc now owns 1,755,009 shares of the asset manager’s stock worth $147,047,000 after buying an additional 108,537 shares in the last quarter. Institutional investors and hedge funds own 87.22% 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; 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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