BMO Capital Markets Has Lowered Expectations for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its target price cut by stock analysts at BMO Capital Markets from $200.00 to $185.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the asset manager’s stock. BMO Capital Markets’ price objective indicates a potential upside of 11.91% from the company’s previous close.

A number of other equities analysts also recently commented on the company. Keefe, Bruyette & Woods increased their price objective on State Street from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday. Barclays lifted their target price on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Citigroup decreased their target price on shares of State Street from $212.00 to $190.00 and set a “buy” rating for the company in a research report on Friday. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 18th. Finally, TD Cowen assumed coverage on shares of State Street in a report on Thursday, October 8th. They set a “buy” rating and a $205.00 price target on the stock. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $189.74.

State Street Stock Down 0.2%

Shares of State Street stock traded down $0.41 on Monday, hitting $165.31. 801,822 shares of the company traded hands, compared to its average volume of 2,133,958. The company has a 50-day moving average price of $184.20 and a 200 day moving average price of $169.89. The company has a quick ratio of 0.59, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. State Street has a 12-month low of $111.63 and a 12-month high of $195.93. The company has a market cap of $45.41 billion, a PE ratio of 13.50, a PEG ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last released its quarterly earnings data on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.68 by $0.01. State Street had a return on equity of 16.36% and a net margin of 15.81%. The firm had revenue of $4 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the firm earned $2.78 earnings per share. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. Sell-side analysts predict that State Street will post 13.77 earnings per share for the current year.

Insider Activity at State Street

In related news, EVP W. Hu sold 9,758 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On State Street

A number of hedge funds have recently bought and sold shares of STT. V Square Quantitative Management LLC raised its holdings in shares of State Street by 1.7% in the third quarter. V Square Quantitative Management LLC now owns 9,239 shares of the asset manager’s stock valued at $1,613,000 after purchasing an additional 156 shares during the last quarter. Community Financial Services Group LLC boosted its holdings in State Street by 40.7% during the third quarter. Community Financial Services Group LLC now owns 304 shares of the asset manager’s stock worth $53,000 after purchasing an additional 88 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in State Street by 14.5% during the second quarter. QRG Capital Management Inc. now owns 50,753 shares of the asset manager’s stock worth $8,608,000 after purchasing an additional 6,420 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in State Street by 106.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,859 shares of the asset manager’s stock worth $1,163,000 after purchasing an additional 3,529 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in State Street by 4.7% in the second quarter. Envestnet Asset Management Inc. now owns 426,809 shares of the asset manager’s stock valued at $72,387,000 after purchasing an additional 19,035 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.