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

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

STT has been the subject of a number of other research reports. Barclays increased their target price on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI raised their price objective on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group upped their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft raised their price target on State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Finally, Morgan Stanley upped their price objective on shares of State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $92.11.

State Street Trading Up 1.2 %

Shares of NYSE:STT opened at $97.50 on Wednesday. The company has a market capitalization of $28.58 billion, a PE ratio of 15.40, a P/E/G ratio of 1.19 and a beta of 1.46. 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 has a 12-month low of $69.56 and a 12-month high of $98.45. The business’s fifty day simple moving average is $91.29 and its 200-day simple moving average is $82.96.

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

Insider Buying and Selling

In related news, EVP John Plansky sold 13,859 shares of State Street 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 completion of the transaction, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On State Street

Institutional investors have recently made changes to their positions in the company. LRI Investments LLC acquired a new stake in State Street during the first quarter valued at $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of State Street during the 2nd quarter valued at about $27,000. Versant Capital Management Inc increased its stake in shares of State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 416 shares in the last quarter. Coastline Trust Co acquired a new position in State Street in the 3rd quarter worth about $44,000. Finally, Trust Co. of Vermont raised its holdings in State Street by 44.4% in the 2nd quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock worth $48,000 after purchasing an additional 200 shares during the period. 87.44% of the stock is owned by hedge funds and other 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.