State Street (NYSE:STT) Given New $57.00 Price Target at Morgan Stanley

State Street (NYSE:STT) had its price objective hoisted by equities researchers at Morgan Stanley from $55.00 to $57.00 in a research report issued to clients and investors on Monday, BenzingaRatingsTable reports. The brokerage presently has an “underweight” rating on the asset manager’s stock. Morgan Stanley’s price objective suggests a potential downside of 13.70% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. Wells Fargo & Co set a $55.00 price objective on shares of State Street and gave the stock a “hold” rating in a research report on Friday, August 16th. UBS Group lifted their price objective on shares of State Street from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday. Keefe, Bruyette & Woods raised shares of State Street from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $51.00 to $64.00 in a research report on Friday, October 18th. ValuEngine raised shares of State Street from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Deutsche Bank cut their price objective on shares of State Street from $55.00 to $53.00 and set a “hold” rating on the stock in a research report on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $66.38.

NYSE STT opened at $66.05 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.48 and a current ratio of 0.48. The company has a market capitalization of $23.60 billion, a price-to-earnings ratio of 9.15, a price-to-earnings-growth ratio of 1.04 and a beta of 1.51. The company’s 50-day simple moving average is $58.19 and its two-hundred day simple moving average is $58.67. State Street has a one year low of $48.62 and a one year high of $77.00.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 18th. The asset manager reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.11. State Street had a net margin of 16.18% and a return on equity of 11.34%. The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the previous year, the firm earned $1.87 EPS. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. Equities analysts expect that State Street will post 5.71 earnings per share for the current fiscal year.

In related news, Director Saint-Aignan Patrick De bought 500 shares of the company’s stock in a transaction on Tuesday, July 30th. The shares were bought at an average price of $58.75 per share, with a total value of $29,375.00. Following the transaction, the director now owns 29,293 shares in the company, valued at $1,720,963.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hanley Ronald P. O bought 7,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were bought at an average cost of $50.43 per share, for a total transaction of $353,010.00. Following the transaction, the chief executive officer now owns 127,235 shares in the company, valued at approximately $6,416,461.05. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 10,500 shares of company stock worth $547,950. 0.40% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the business. CWM LLC grew its position in State Street by 693.4% during the 2nd quarter. CWM LLC now owns 484 shares of the asset manager’s stock worth $27,000 after purchasing an additional 423 shares during the last quarter. Putnam FL Investment Management Co. purchased a new stake in State Street during the 2nd quarter worth approximately $28,000. Massmutual Trust Co. FSB ADV purchased a new stake in State Street during the 2nd quarter worth approximately $31,000. Reilly Financial Advisors LLC grew its position in State Street by 91.7% during the 3rd quarter. Reilly Financial Advisors LLC now owns 627 shares of the asset manager’s stock worth $37,000 after purchasing an additional 300 shares during the last quarter. Finally, NuWave Investment Management LLC grew its position in State Street by 50.8% during the 2nd quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock worth $42,000 after purchasing an additional 250 shares during the last quarter. 89.92% of the stock is currently owned by institutional investors.

About State Street

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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Analyst Recommendations for State Street (NYSE:STT)

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