State Street (NYSE:STT) Stock Price Target Cut by BMO Capital Markets

Key Points

• BMO Capital Markets lowered State Street’s price target from $212 to $200 while maintaining an “outperform” rating, implying approximately 13.36% upside from the stock’s $176.43 opening price.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $189.91; targets from other firms range as high as $215.
• State Street exceeded quarterly expectations, reporting $3.65 in EPS versus the $3.34 consensus and $4.05 billion in revenue, up 23.3% year over year.

State Street (NYSE:STT - Get Free Report) had its price objective decreased by investment analysts at BMO Capital Markets from $212.00 to $200.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an "outperform" rating on the asset manager's stock. BMO Capital Markets' price target would suggest a potential upside of 13.36% from the company's current price.

Several other research firms also recently commented on STT. Citigroup lifted their price objective on shares of State Street from $210.00 to $212.00 and gave the stock a "buy" rating in a research note on Monday. Morgan Stanley raised their price target on shares of State Street from $183.00 to $195.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Evercore set a $200.00 target price on shares of State Street in a report on Monday, July 20th. JPMorgan Chase & Co. boosted their price objective on State Street from $187.00 to $187.50 and gave the company a "neutral" rating in a report on Friday. Finally, Wells Fargo & Company increased their price target on shares of State Street from $196.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $189.91.

State Street Trading Up 0.3%

NYSE:STT opened at $176.43 on Tuesday. The firm has a 50 day moving average of $186.27 and a 200 day moving average of $166.81. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street has a 52 week low of $104.64 and a 52 week high of $195.93. The stock has a market capitalization of $48.46 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 0.83 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business's quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.04 EPS. As a group, sell-side analysts anticipate that State Street will post 13.8 earnings per share for the current fiscal year.

Insider Activity

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the business's stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the business's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares of the company's stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.27% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Philadelphia Investment Partners LLC purchased a new stake in shares of State Street during the 2nd quarter worth $26,000. Bell Investment Advisors Inc purchased a new position in State Street in the second quarter valued at $28,000. Phillip James Consulting Co. acquired a new stake in State Street in the fourth quarter valued at $30,000. Elevation Wealth Partners LLC lifted its holdings in State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock worth $30,000 after buying an additional 106 shares during the last quarter. Finally, Continuum Advisory LLC purchased a new stake in State Street during the 2nd quarter worth about $30,000. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Company Profile

State Street Corporation NYSE: STT is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.

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