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

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

Other equities analysts have also recently issued research reports about the stock. Evercore ISI increased their price objective on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays increased their price target on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $102.00 to $139.00 in a research report on Monday, December 9th. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a report on Friday, December 20th. Finally, Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $98.36.

State Street Stock Down 1.0 %

Shares of State Street stock opened at $98.58 on Friday. The firm has a market cap of $28.90 billion, a price-to-earnings ratio of 15.57, a PEG ratio of 1.24 and a beta of 1.44. The stock’s 50-day moving average is $96.26 and its 200 day 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 one year low of $70.20 and a one year high of $101.91.

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

State Street Announces Dividend

The firm 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 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 (DPR) is currently 48.03%.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 13,859 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,460 shares of company stock valued at $2,499,860. Insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

Several large investors have recently added to or reduced their stakes in the company. KBC Group NV increased its stake in shares of State Street by 20.5% in the third quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock worth $6,607,000 after purchasing an additional 12,707 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in State Street by 17.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock valued at $12,124,000 after acquiring an additional 20,183 shares during the period. Ensign Peak Advisors Inc lifted its position in shares of State Street by 39.3% during the second quarter. Ensign Peak Advisors Inc now owns 145,859 shares of the asset manager’s stock worth $10,794,000 after acquiring an additional 41,180 shares in the last quarter. LSV Asset Management boosted its holdings in shares of State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after acquiring an additional 1,238,251 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of State Street by 43.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,815 shares of the asset manager’s stock worth $6,069,000 after acquiring an additional 20,968 shares during the period. Hedge funds and other institutional investors 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.