Morgan Stanley Issues Pessimistic Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its target price lowered by equities researchers at Morgan Stanley from $139.00 to $132.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s target price would suggest a potential upside of 35.15% from the company’s current price.

A number of other research analysts have also commented on the company. Wells Fargo & Company raised their price target on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday. Evercore ISI boosted their price target on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, December 27th. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a report on Friday, December 20th. Finally, The Goldman Sachs Group increased their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $98.57.

State Street Stock Down 0.3 %

STT stock opened at $97.67 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The firm’s 50-day simple moving average is $96.99 and its 200 day simple moving average is $87.82. The stock has a market cap of $28.63 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $101.91.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the previous year, the company posted $1.93 earnings per share. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, sell-side analysts predict that State Street will post 8.42 EPS for the current year.

Insiders Place Their Bets

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John Plansky sold 13,859 shares of State Street stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the transaction, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,460 shares of company stock worth $2,499,860 over the last ninety days. 0.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On State Street

A number of institutional investors have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC acquired a new position in State Street in the 2nd quarter worth about $27,000. Coastline Trust Co acquired a new position in shares of State Street during the 3rd quarter worth $44,000. Capital Performance Advisors LLP bought a new position in shares of State Street during the 3rd quarter valued at $54,000. Versant Capital Management Inc boosted its holdings in State Street by 37.0% in the fourth quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after purchasing an additional 197 shares in the last quarter. Finally, Tobam acquired a new position in State Street during the third quarter worth $77,000. Institutional investors and hedge funds own 87.44% 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. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.