State Street (NYSE:STT)‘s stock had its “buy” rating reissued by stock analysts at Bank of America in a research report issued on Thursday, June 6th, Stock Target Advisor reports. They currently have a $65.00 price objective on the asset manager’s stock, down from their prior price objective of $75.00. Bank of America‘s price objective would suggest a potential upside of 15.95% from the stock’s previous close.
STT has been the subject of several other reports. Deutsche Bank lowered State Street from a “buy” rating to a “hold” rating and set a $69.95 price objective for the company. in a report on Thursday, March 14th. Zacks Investment Research upgraded State Street from a “sell” rating to a “hold” rating in a report on Tuesday, March 12th. ValuEngine lowered State Street from a “sell” rating to a “strong sell” rating in a report on Friday, March 1st. Morgan Stanley cut their target price on State Street from $84.00 to $76.00 and set an “overweight” rating on the stock in a report on Wednesday, June 5th. Finally, Keefe, Bruyette & Woods lowered State Street from a “market perform” rating to an “underperform” rating and cut their target price for the company from $72.00 to $70.00 in a report on Sunday, February 24th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $71.33.
Shares of NYSE:STT opened at $56.06 on Thursday. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.52. State Street has a 1 year low of $53.53 and a 1 year high of $95.68. The stock’s fifty day moving average price is $57.80. The stock has a market capitalization of $20.61 billion, a price-to-earnings ratio of 7.76, a price-to-earnings-growth ratio of 0.86 and a beta of 1.46.
In other State Street news, Director Gregory L. Summe purchased 3,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were bought at an average cost of $64.50 per share, with a total value of $193,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $63.22, for a total value of $1,580,500.00. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
Several large investors have recently modified their holdings of STT. FMR LLC grew its position in shares of State Street by 35.9% in the fourth quarter. FMR LLC now owns 18,222,073 shares of the asset manager’s stock valued at $1,149,266,000 after purchasing an additional 4,816,904 shares during the last quarter. BlackRock Inc. grew its position in State Street by 19.2% during the fourth quarter. BlackRock Inc. now owns 27,075,321 shares of the asset manager’s stock worth $1,707,639,000 after buying an additional 4,355,656 shares in the last quarter. Norges Bank acquired a new stake in State Street during the fourth quarter worth about $257,096,000. Oregon Public Employees Retirement Fund grew its position in State Street by 6,371.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,604,034 shares of the asset manager’s stock worth $41,000 after buying an additional 2,563,798 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in State Street by 6.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 29,664,538 shares of the asset manager’s stock worth $1,870,942,000 after buying an additional 1,730,003 shares in the last quarter. 89.56% of the stock is currently owned by institutional investors.
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.
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