State Street (NYSE:STT) Price Target Lowered to $100.00 at Citigroup

State Street (NYSE:STT) had its target price reduced by Citigroup from $105.00 to $100.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the asset manager’s stock. Citigroup’s target price would suggest a potential upside of 7.64% from the company’s current price.

STT has been the topic of a number of other research reports. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research note on Friday, December 20th. Truist Financial lowered their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Morgan Stanley cut their price objective on shares of State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Wells Fargo & Company raised their target price on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research note on Thursday, January 2nd. Finally, StockNews.com cut 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, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $101.87.

State Street Trading Up 2.6 %

STT stock traded up $2.35 during midday trading on Monday, reaching $92.90. 272,204 shares of the company’s stock traded hands, compared to its average volume of 2,084,788. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The business has a 50-day moving average price of $95.93 and a two-hundred day moving average price of $94.28. The company has a market capitalization of $26.80 billion, a P/E ratio of 11.27, a PEG ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company posted $2.04 earnings per share. Equities research analysts forecast that State Street will post 9.68 EPS for the current fiscal year.

Insider Buying and Selling at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the transaction, the director now owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Institutional Trading of State Street

Several hedge funds have recently made changes to their positions in the stock. Adero Partners LLC increased its position in State Street by 3.6% in the fourth quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after buying an additional 100 shares during the period. Peapack Gladstone Financial Corp grew its position in shares of State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after acquiring an additional 103 shares during the last quarter. Jacobi Capital Management LLC increased its holdings in shares of State Street by 1.0% in the 4th quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock worth $1,201,000 after acquiring an additional 121 shares during the period. Moors & Cabot Inc. lifted its position in State Street by 0.7% in the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock valued at $1,799,000 after purchasing an additional 131 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its stake in State Street by 1.4% during the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after purchasing an additional 138 shares during the period. 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.