State Street (NYSE:STT) Downgraded to Hold Rating by StockNews.com

StockNews.com lowered shares of State Street (NYSE:STT) from a buy rating to a hold rating in a research note published on Wednesday.

Several other brokerages also recently issued reports on STT. Deutsche Bank Aktiengesellschaft raised their target price on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. The Goldman Sachs Group increased their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Barclays raised their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Evercore ISI increased their price target on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $100.33.

State Street Stock Performance

STT opened at $97.68 on Wednesday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The business’s 50-day simple moving average is $97.29 and its 200 day simple moving average is $88.47. The firm has a market capitalization of $28.63 billion, a PE ratio of 15.43, a PEG ratio of 1.24 and a beta of 1.43. State Street has a 52-week low of $70.20 and a 52-week high of $101.91.

State Street (NYSE:STT) last released its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm’s revenue was up 21.1% on a year-over-year basis. During the same period last year, the business earned $1.93 earnings per share. As a group, sell-side analysts expect that State Street will post 8.42 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be issued a $0.76 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $3.04 annualized dividend and a yield of 3.11%. State Street’s dividend payout ratio is presently 48.03%.

Insider Activity

In other news, 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 transaction of $1,224,625.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP John Plansky sold 13,859 shares of the 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 sale, the executive vice president now owns 55,108 shares in the company, valued at $5,032,462.56. This represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 26,460 shares of company stock worth $2,499,860. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently modified their holdings of STT. Peapack Gladstone Financial Corp grew its position in State Street by 2.0% in the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock valued at $467,000 after acquiring an additional 103 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in shares of State Street by 5.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after purchasing an additional 129 shares during the last quarter. Rockland Trust Co. grew its holdings in shares of State Street by 1.8% during the 3rd quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock valued at $737,000 after purchasing an additional 150 shares during the last quarter. Empirical Finance LLC increased its position in State Street by 1.4% during the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock worth $997,000 after purchasing an additional 158 shares in the last quarter. Finally, Citizens Financial Group Inc. RI lifted its stake in State Street by 3.3% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 5,790 shares of the asset manager’s stock valued at $512,000 after purchasing an additional 184 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

About State Street

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.