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

State Street (NYSE:STT) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Friday.

A number of other research firms have also issued reports on STT. The Goldman Sachs Group boosted their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a report on Friday, December 20th. Deutsche Bank Aktiengesellschaft lifted 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. Evercore ISI raised their price objective on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley raised shares of State Street from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $102.00 to $139.00 in a report on Monday, December 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, State Street currently has a consensus rating of “Hold” and a consensus price target of $98.36.

State Street Price Performance

STT stock opened at $99.56 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $29.19 billion, a P/E ratio of 15.73, a PEG ratio of 1.24 and a beta of 1.44. The business has a 50 day simple moving average of $96.12 and a 200-day simple moving average of $86.73. State Street has a twelve month low of $70.20 and a twelve month high of $101.91.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (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 for the quarter, compared to the consensus estimate of $3.19 billion. During the same period last year, the firm posted $1.93 EPS. State Street’s revenue for the quarter was up 21.1% on a year-over-year basis. As a group, equities analysts anticipate that State Street will post 8.42 EPS for the current year.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 13,859 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the 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 of the company’s stock, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock worth $2,499,860 in the last quarter. 0.31% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new position in shares of State Street in the second quarter worth about $27,000. Coastline Trust Co acquired a new stake in shares of State Street in the 3rd quarter valued at about $44,000. Capital Performance Advisors LLP bought a new stake in State Street in the third quarter valued at about $54,000. Tobam bought a new position in State Street during the 3rd quarter worth approximately $77,000. Finally, Brooklyn Investment Group bought a new stake in shares of State Street in the 3rd quarter valued at approximately $79,000. 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.