State Street (STT) Reaches New 52-Week Low at $63.40
State Street Corp (NYSE:STT)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $63.40 and last traded at $64.34, with a volume of 264964 shares traded. The stock had previously closed at $67.81.
STT has been the topic of a number of analyst reports. Credit Suisse Group decreased their price target on State Street from $103.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, October 22nd. Goldman Sachs Group initiated coverage on State Street in a research note on Thursday, October 11th. They issued a “buy” rating on the stock. Deutsche Bank lifted their price target on State Street from $98.00 to $99.00 and gave the stock a “buy” rating in a research note on Thursday, September 27th. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $109.00 to $115.00 in a research note on Tuesday, September 4th. Finally, Keefe, Bruyette & Woods set a $90.00 price target on State Street and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. State Street has a consensus rating of “Hold” and an average target price of $100.93.
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 company has a market cap of $25.74 billion, a PE ratio of 11.06, a P/E/G ratio of 0.99 and a beta of 1.35.
In other State Street news, EVP Louis D. Maiuri bought 740 shares of State Street stock in a transaction dated 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 of the company’s stock, valued at $3,063,226.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Saint-Aignan Patrick De bought 500 shares of State Street stock in a transaction dated Tuesday, October 23rd. The shares were 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 directly 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 currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of STT. Strategic Wealth Partners Ltd. increased its stake in shares of State Street by 1,038.7% during the third quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock valued at $30,000 after buying an additional 322 shares during the period. CI Investments Inc. purchased a new stake in State Street in the third quarter worth $101,000. Moneta Group Investment Advisors LLC grew its stake in State Street by 3,604.1% in the second quarter. Moneta Group Investment Advisors LLC now owns 29,633 shares of the asset manager’s stock worth $103,000 after purchasing an additional 28,833 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in State Street in the second quarter worth $109,000. Finally, Patriot Financial Group Insurance Agency LLC grew its stake in State Street by 1,855.1% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,349 shares of the asset manager’s stock worth $113,000 after purchasing an additional 1,280 shares during the period. 87.22% of the stock is currently owned by hedge funds and other institutional investors.
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About State Street (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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