State Street (NYSE:STT) Price Target Cut to $120.00 by Analysts at Barclays

State Street (NYSE:STT) had its price objective reduced by Barclays from $127.00 to $120.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the asset manager’s stock. Barclays‘s price objective points to a potential upside of 48.97% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 price objective (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Truist Financial cut their price target on State Street from $104.00 to $89.00 and set a “hold” rating on the stock in a report on Friday, April 4th. Wells Fargo & Company dropped their target price on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Citigroup dropped their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $103.00.

State Street Stock Down 0.9 %

Shares of STT stock traded down $0.71 during mid-day trading on Monday, reaching $80.55. 680,278 shares of the company were exchanged, compared to its average volume of 2,176,405. The company has a market capitalization of $23.25 billion, a P/E ratio of 9.78, a P/E/G ratio of 1.11 and a beta of 1.42. The business’s 50 day simple moving average is $89.24 and its 200 day simple moving average is $93.82. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $103.00.

State Street (NYSE:STT) last issued its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same quarter in the prior year, the business posted $1.69 EPS. Research analysts predict that State Street will post 9.68 earnings per share for the current year.

Insider Transactions at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

Several hedge funds have recently bought and sold shares of the business. Cardinal Capital Management raised its stake in shares of State Street by 1.3% in the 1st quarter. Cardinal Capital Management now owns 54,442 shares of the asset manager’s stock valued at $4,874,000 after acquiring an additional 698 shares in the last quarter. QRG Capital Management Inc. grew its stake in State Street by 7.8% in the 1st quarter. QRG Capital Management Inc. now owns 25,927 shares of the asset manager’s stock valued at $2,321,000 after buying an additional 1,872 shares during the last quarter. Hanson & Doremus Investment Management lifted its position in State Street by 2,890.9% during the 1st quarter. Hanson & Doremus Investment Management now owns 3,290 shares of the asset manager’s stock worth $295,000 after acquiring an additional 3,180 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in State Street by 15.1% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,804 shares of the asset manager’s stock valued at $162,000 after buying an additional 237 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in State Street by 58.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 52,383 shares of the asset manager’s stock worth $4,690,000 after acquiring an additional 19,377 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

About State Street

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.