State Street (NYSE:STT) Rating Lowered to “Hold” at StockNews.com

StockNews.com downgraded shares of State Street (NYSE:STT) from a buy rating to a hold rating in a research report released on Friday.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley upgraded shares of State Street from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $102.00 to $139.00 in a research report on Monday, December 9th. Barclays upped their target price on shares of State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised their price target on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research report on Friday, December 20th. Finally, Wells Fargo & Company boosted their target price on State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $98.36.

State Street Stock Performance

NYSE STT opened at $98.58 on Friday. The company’s 50 day simple moving average is $96.26 and its two-hundred day simple moving average is $86.90. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. State Street has a 1 year low of $70.20 and a 1 year high of $101.91. The stock has a market capitalization of $28.90 billion, a PE ratio of 15.57, a P/E/G ratio of 1.24 and a beta of 1.44.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.93 earnings per share. Analysts predict that State Street will post 8.42 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a yield of 3.08%. State Street’s dividend payout ratio is currently 48.03%.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the transaction, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,460 shares of company stock valued at $2,499,860 in the last quarter. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

Hedge funds have recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC boosted its stake in State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after acquiring an additional 1,354,560 shares in the last quarter. LSV Asset Management increased its holdings in shares of State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. FMR LLC raised its stake in shares of State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of State Street by 818.1% during the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after purchasing an additional 462,201 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in shares of State Street by 99.4% during the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock valued at $78,574,000 after buying an additional 442,725 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

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.