Morgan Stanley Issues Pessimistic Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its target price dropped by Morgan Stanley from $139.00 to $132.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s target price would suggest a potential upside of 47.81% from the company’s current price.

STT has been the topic of several other reports. Bank of America lifted their target price on State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research note on Wednesday. Wells Fargo & Company dropped their price objective on shares of State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Truist Financial reduced their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Citigroup lowered their target price on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and an average target price of $102.07.

State Street Stock Performance

NYSE:STT traded up $0.49 during trading hours on Wednesday, reaching $89.31. 276,034 shares of the company’s stock were exchanged, compared to its average volume of 2,163,216. State Street has a 1-year low of $70.20 and a 1-year high of $103.00. 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 firm has a market capitalization of $25.76 billion, a price-to-earnings ratio of 10.83, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a 50-day moving average of $94.99 and a 200 day moving average of $94.65.

State Street (NYSE:STT) last announced its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.04 earnings per share. Research analysts anticipate that State Street will post 9.68 EPS for the current year.

Insider Buying and Selling at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction 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 trade represents a 6.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On State Street

Institutional investors have recently modified their holdings of the company. Invesco Ltd. grew its stake in State Street by 5.7% in the 4th quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager’s stock worth $737,162,000 after acquiring an additional 406,396 shares during the period. Geode Capital Management LLC grew its position in shares of State Street by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock valued at $704,238,000 after purchasing an additional 24,617 shares during the period. FMR LLC increased its stake in State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after purchasing an additional 870,849 shares during the last quarter. Amundi lifted its position in State Street by 11.1% during the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock worth $547,636,000 after buying an additional 561,773 shares during the period. Finally, Northern Trust Corp lifted its position in State Street by 15.7% during the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock worth $407,166,000 after buying an additional 563,790 shares during the period. 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.