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

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

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

State Street Trading Down 0.5 %

NYSE:STT opened at $98.03 on Monday. The stock’s 50 day moving average price is $92.42 and its 200 day moving average price is $83.79. The company has a market capitalization of $28.74 billion, a PE ratio of 15.49, a P/E/G ratio of 1.22 and a beta of 1.46. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street has a 52-week low of $70.20 and a 52-week high of $99.50.

State Street (NYSE:STT) last released its quarterly earnings results 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. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the business posted $1.93 EPS. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. On average, research analysts anticipate that State Street will post 8.42 EPS for the current year.

Insider Activity at State Street

In other State Street news, EVP John Plansky sold 13,859 shares of the firm’s 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 owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was 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 directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was 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 ninety days. Corporate insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Hedge funds have recently bought and sold shares of the stock. Ashton Thomas Private Wealth LLC purchased a new position in State Street during the second quarter worth $27,000. Coastline Trust Co purchased a new position in State Street during the third quarter worth $44,000. Versant Capital Management Inc increased its position in State Street by 411.9% during the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after buying an additional 416 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in State Street during the third quarter worth $54,000. Finally, Trust Co. of Vermont grew its position in shares of State Street by 44.4% in the second quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock valued at $48,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors 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.