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

State Street (NYSE:STT) had its target price dropped by stock analysts at Citigroup from $105.00 to $100.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the asset manager’s stock. Citigroup’s price objective suggests a potential upside of 7.64% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Barclays increased their price target on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Morgan Stanley reduced their target price on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 price target (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $101.87.

State Street Stock Up 2.6 %

STT stock traded up $2.35 during midday trading on Monday, reaching $92.90. 272,204 shares of the company were exchanged, compared to its average volume of 2,084,788. The company has a market cap of $26.80 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. 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 1-year low of $70.20 and a 1-year high of $103.00. The stock’s 50-day simple moving average is $95.93 and its 200 day simple moving average is $94.28.

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

Insider Transactions at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated 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 completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Empowered Funds LLC boosted its position in shares of State Street by 11.4% in the third quarter. Empowered Funds LLC now owns 4,929 shares of the asset manager’s stock worth $432,000 after acquiring an additional 504 shares during the last quarter. Advisors Asset Management Inc. raised its stake in State Street by 9.4% during the third quarter. Advisors Asset Management Inc. now owns 24,696 shares of the asset manager’s stock worth $2,185,000 after purchasing an additional 2,124 shares during the period. Raymond James Trust N.A. acquired a new position in shares of State Street in the 3rd quarter valued at $226,000. Cerity Partners LLC grew its stake in shares of State Street by 35.1% during the 3rd quarter. Cerity Partners LLC now owns 60,936 shares of the asset manager’s stock valued at $5,391,000 after buying an additional 15,818 shares during the period. Finally, Daiwa Securities Group Inc. increased its holdings in shares of State Street by 23.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 51,039 shares of the asset manager’s stock worth $4,516,000 after buying an additional 9,561 shares during the last quarter. Hedge funds and other institutional investors 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.