State Street (NYSE:STT) had its target price dropped by equities research analysts at Buckingham Research from $83.00 to $67.00 in a research report issued on Wednesday, The Fly reports. The brokerage presently has a “buy” rating on the asset manager’s stock. Buckingham Research’s price target indicates a potential upside of 21.86% from the company’s current price.
STT has been the subject of a number of other reports. Deutsche Bank downgraded State Street from a “buy” rating to a “hold” rating and set a $69.95 price objective for the company. in a research report on Thursday, March 14th. Zacks Investment Research raised State Street from a “sell” rating to a “hold” rating in a research report on Tuesday, March 12th. ValuEngine downgraded State Street from a “sell” rating to a “strong sell” rating in a research report on Friday, March 1st. Wells Fargo & Co reissued a “market perform” rating and set a $63.00 price objective (down from $75.00) on shares of State Street in a research report on Wednesday. Finally, Bank of America reissued a “buy” rating and set a $65.00 price objective (down from $75.00) on shares of State Street in a research report on Thursday, June 6th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $75.70.
Shares of NYSE:STT traded up $0.09 during midday trading on Wednesday, reaching $54.98. 91,093 shares of the company’s stock were exchanged, compared to its average volume of 2,665,076. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $20.57 billion, a price-to-earnings ratio of 7.61, a PEG ratio of 0.81 and a beta of 1.46. State Street has a fifty-two week low of $53.53 and a fifty-two week high of $99.78.
In related news, Director Gregory L. Summe acquired 3,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was acquired at an average price of $64.50 per share, for a total transaction of $193,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey N. Carp sold 25,000 shares of State Street 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 institutional investors and hedge funds have recently made changes to their positions in STT. Pearl River Capital LLC purchased a new position in shares of State Street in the 4th quarter valued at about $25,000. Harvest Group Wealth Management LLC purchased a new position in shares of State Street in the 1st quarter valued at about $28,000. Magellan Asset Management Ltd boosted its stake in shares of State Street by 80.1% in the 4th quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock valued at $33,000 after buying an additional 234 shares during the period. NuWave Investment Management LLC boosted its stake in shares of State Street by 3,180.0% in the 1st quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock valued at $33,000 after buying an additional 477 shares during the period. Finally, Zions Bancorporation N.A. purchased a new position in shares of State Street in the 1st quarter valued at about $40,000. Institutional investors and hedge funds own 89.63% 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. 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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