State Street (NYSE:STT) Price Target Lowered to $67.00 at Buckingham Research

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.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. The firm had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.92 billion. State Street had a return on equity of 13.44% and a net margin of 18.77%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period last year, the company earned $1.62 EPS. As a group, equities research analysts predict that State Street will post 6.41 earnings per share for the current fiscal year.

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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