State Street (NYSE:STT) Given “Sell” Rating at Morgan Stanley

Morgan Stanley reiterated their sell rating on shares of State Street (NYSE:STT) in a research note issued to investors on Monday, AnalystRatings.com reports. The firm currently has a $71.00 price target on the asset manager’s stock, up from their previous price target of $66.00.

STT has been the subject of a number of other research reports. UBS Group upped their target price on State Street from $60.00 to $68.00 and gave the company a neutral rating in a report on Monday, October 21st. Buckingham Research reiterated a buy rating and issued a $84.00 price objective (up previously from $73.00) on shares of State Street in a report on Monday. They noted that the move was a valuation call. Keefe, Bruyette & Woods reiterated an underperform rating and issued a $68.00 price objective (up previously from $60.00) on shares of State Street in a report on Monday, October 21st. Raymond James increased their price objective on State Street from $69.00 to $77.00 and gave the stock a strong-buy rating in a report on Monday, October 21st. They noted that the move was a valuation call. Finally, Bank of America increased their price objective on State Street from $64.00 to $69.00 and gave the stock a buy rating in a report on Monday, October 21st. Three analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. State Street has a consensus rating of Hold and an average price target of $70.59.

Shares of State Street stock traded down $0.01 during midday trading on Monday, reaching $73.39. 2,515,375 shares of the company’s stock traded hands, compared to its average volume of 2,813,883. 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 cap of $26.38 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 1.17 and a beta of 1.52. The stock has a 50 day moving average of $64.83 and a 200-day moving average of $58.78. State Street has a 12 month low of $48.62 and a 12 month high of $77.00.

State Street (NYSE:STT) last announced its earnings results on Friday, October 18th. The asset manager reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.11. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.86 billion. State Street had a return on equity of 11.34% and a net margin of 16.18%. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.87 earnings per share. On average, equities analysts anticipate that State Street will post 5.81 earnings per share for the current fiscal year.

In other news, CEO Robert Willett sold 36,706 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $51.80, for a total value of $1,901,370.80. Also, EVP Jeffrey N. Carp sold 17,876 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $72.00, for a total value of $1,287,072.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,706 shares of company stock valued at $7,167,207. 0.40% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC grew its stake in shares of State Street by 693.4% in the second quarter. CWM LLC now owns 484 shares of the asset manager’s stock worth $27,000 after acquiring an additional 423 shares during the last quarter. Putnam FL Investment Management Co. purchased a new stake in shares of State Street in the second quarter worth $28,000. Massmutual Trust Co. FSB ADV purchased a new stake in shares of State Street in the second quarter worth $31,000. Reilly Financial Advisors LLC grew its stake in shares of State Street by 91.7% in the third quarter. Reilly Financial Advisors LLC now owns 627 shares of the asset manager’s stock worth $37,000 after acquiring an additional 300 shares during the last quarter. Finally, NuWave Investment Management LLC grew its stake in shares of State Street by 50.8% in the second quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock worth $42,000 after acquiring an additional 250 shares during the last quarter. 93.01% of the stock is currently owned by hedge funds and other 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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Analyst Recommendations for State Street (NYSE:STT)

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