Morgan Stanley Cuts State Street (NYSE:STT) Price Target to $132.00

State Street (NYSE:STT) had its price objective cut by Morgan Stanley from $139.00 to $132.00 in a research note published on Friday,Benzinga reports. They currently have an overweight rating on the asset manager’s stock.

A number of other research analysts have also weighed in on STT. Deutsche Bank Aktiengesellschaft boosted their target price on State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Barclays lifted their price target on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, December 27th. The Goldman Sachs Group lifted 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. Finally, Evercore ISI lifted their price target on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, State Street currently has an average rating of “Hold” and a consensus price target of $98.57.

State Street Price Performance

Shares of STT opened at $97.67 on Friday. State Street has a twelve month low of $70.20 and a twelve month high of $101.91. The company has a 50 day moving average of $96.84 and a 200-day moving average of $87.64. The stock has a market capitalization of $28.63 billion, a P/E ratio of 15.43, a P/E/G ratio of 1.24 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

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

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Thursday, January 2nd. State Street’s dividend payout ratio is presently 48.03%.

Insider Transactions at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 transaction of $1,265,603.88. Following the transaction, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,460 shares of company stock valued at $2,499,860. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC bought a new stake in State Street during the second quarter worth $27,000. Coastline Trust Co bought a new stake in shares of State Street in the 3rd quarter worth $44,000. Capital Performance Advisors LLP bought a new stake in shares of State Street in the 3rd quarter worth $54,000. Versant Capital Management Inc raised its holdings in shares of State Street by 37.0% in the fourth quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock valued at $72,000 after purchasing an additional 197 shares during the last quarter. Finally, Tobam bought a new position in shares of State Street during the third quarter valued at about $77,000. Institutional investors own 87.44% of the company’s stock.

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.