Deutsche Bank Trims State Street (NYSE:STT) Target Price to $53.00

State Street (NYSE:STT) had its price objective lowered by Deutsche Bank from $55.00 to $53.00 in a research report report published on Wednesday morning, AnalystRatings.com reports. The firm currently has a hold rating on the asset manager’s stock.

Several other research firms have also recently issued reports on STT. ValuEngine cut shares of State Street from a hold rating to a sell rating in a research report on Thursday, August 1st. Buckingham Research cut their price objective on shares of State Street from $83.00 to $67.00 and set a buy rating for the company in a research report on Wednesday, June 12th. Zacks Investment Research cut shares of State Street from a hold rating to a sell rating and set a $59.00 price objective for the company. in a research report on Tuesday, June 4th. Morgan Stanley cut shares of State Street from an overweight rating to an underweight rating and cut their price objective for the stock from $69.00 to $55.00 in a research report on Monday, July 8th. Finally, 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. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $67.75.

Shares of NYSE STT opened at $49.96 on Wednesday. State Street has a 52 week low of $48.62 and a 52 week high of $90.20. The stock has a market capitalization of $18.82 billion, a price-to-earnings ratio of 6.92, a price-to-earnings-growth ratio of 0.83 and a beta of 1.43. The firm has a 50-day simple moving average of $55.06 and a 200-day simple moving average of $62.34. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.52.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, July 19th. The asset manager reported $1.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.05. State Street had a net margin of 17.66% and a return on equity of 12.13%. The firm had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same period last year, the business earned $2.05 earnings per share. State Street’s revenue was down 5.1% compared to the same quarter last year. As a group, equities research analysts expect that State Street will post 5.73 EPS for the current year.

In related news, Director Saint-Aignan Patrick De bought 1,500 shares of the stock in a transaction on Thursday, August 1st. The stock was bought at an average price of $57.75 per share, with a total value of $86,625.00. Following the completion of the purchase, the director now directly owns 29,293 shares in the company, valued at approximately $1,691,670.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jeffrey N. Carp sold 25,000 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $51.72, for a total transaction of $1,293,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 4,000 shares of company stock valued at $224,365. 0.40% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. CWM LLC boosted 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 valued at $27,000 after purchasing an additional 423 shares during the period. Harvest Group Wealth Management LLC purchased a new position in shares of State Street in the first quarter valued at approximately $28,000. Putnam FL Investment Management Co. purchased a new position in shares of State Street in the second quarter valued at approximately $28,000. Massmutual Trust Co. FSB ADV purchased a new position in shares of State Street in the second quarter valued at approximately $31,000. Finally, Zions Bancorporation N.A. purchased a new position in shares of State Street in the first quarter valued at approximately $40,000. 88.42% of the stock is 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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