State Street (STT) Reaches New 1-Year Low on Analyst Downgrade
Shares of State Street Corp (NYSE:STT) reached a new 52-week low on Thursday after Credit Suisse Group lowered their price target on the stock from $88.00 to $80.00. Credit Suisse Group currently has a neutral rating on the stock. State Street traded as low as $63.40 and last traded at $64.34, with a volume of 264964 shares. The stock had previously closed at $67.81.
Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods set a $90.00 price target on State Street and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Wolfe Research started coverage on State Street in a research note on Tuesday, September 25th. They issued a “market perform” rating on the stock. Wells Fargo & Co set a $105.00 price objective on State Street and gave the stock a “buy” rating in a research note on Thursday, August 16th. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $109.00 to $115.00 in a research note on Tuesday, September 4th. Finally, Deutsche Bank cut their price objective on State Street from $102.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, August 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $100.40.
In other State Street news, EVP Louis D. Maiuri purchased 740 shares of the company’s stock in a transaction on Wednesday, October 24th. The shares were purchased at an average cost of $67.60 per share, with a total value of $50,024.00. Following the completion of the purchase, the executive vice president now owns 45,314 shares in the company, valued at $3,063,226.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Saint-Aignan Patrick De purchased 500 shares of the company’s stock in a transaction on Tuesday, October 23rd. The stock was acquired at an average cost of $68.62 per share, for a total transaction of $34,310.00. Following the completion of the purchase, the director now owns 25,138 shares of the company’s stock, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. 0.40% of the stock is owned by insiders.
The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $25.01 billion, a price-to-earnings ratio of 10.91, a P/E/G ratio of 0.97 and a beta of 1.35.
State Street (NYSE:STT) last issued its earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.02). State Street had a return on equity of 14.99% and a net margin of 19.90%. The firm had revenue of $2.95 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same period in the previous year, the company earned $1.71 earnings per share. State Street’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts predict that State Street Corp will post 7.39 EPS for the current fiscal year.
State Street Company Profile (NYSE:STT)
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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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