StockNews.com Downgrades State Street (NYSE:STT) to Hold

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

Other analysts have also recently issued reports about the company. Morgan Stanley upped their target price on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Barclays boosted their target price on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. The Goldman Sachs Group upped their price objective on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Wells Fargo & Company raised their target price on State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average target price of $92.11.

State Street Stock Performance

NYSE:STT opened at $97.50 on Wednesday. The company has a market cap of $28.58 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.19 and a beta of 1.46. State Street has a twelve month low of $69.56 and a twelve month high of $98.45. The company’s 50-day moving average price is $91.29 and its 200-day moving average price is $82.96. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91.

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, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business’s revenue was up 21.1% on a year-over-year basis. During the same period last year, the company posted $1.93 EPS. On average, sell-side analysts forecast that State Street will post 8.42 earnings per share for the current fiscal year.

Insider Transactions at State Street

In related news, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were 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 directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. This represents 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 the SEC website. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers grew its stake in shares of State Street by 127.8% during the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after purchasing an additional 24,906 shares in the last quarter. Bayesian Capital Management LP purchased a new position in shares of State Street in the 1st quarter valued at about $908,000. KBC Group NV raised its position in shares of State Street by 20.5% during the 3rd quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock worth $6,607,000 after acquiring an additional 12,707 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in State Street by 17.3% during the third quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock worth $12,124,000 after purchasing an additional 20,183 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its holdings in State Street by 39.3% in the second quarter. Ensign Peak Advisors Inc now owns 145,859 shares of the asset manager’s stock valued at $10,794,000 after purchasing an additional 41,180 shares in the last quarter. Institutional investors and hedge funds 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.