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

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

A number of other brokerages have also recently weighed in on STT. Evercore ISI increased their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company increased their target price on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a report on Monday, November 11th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their price objective on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and a consensus target price of $100.33.

State Street Stock Down 3.0 %

STT stock opened at $97.51 on Friday. The firm has a market cap of $28.58 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 0.97 and a beta of 1.43. State Street has a 1-year low of $70.20 and a 1-year high of $101.91. The firm has a fifty day moving average price of $97.67 and a two-hundred day moving average price of $89.35. 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 (NYSE:STT) last announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3,267,560 billion. During the same quarter in the prior year, the firm earned $2.04 EPS. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. Research analysts predict that State Street will post 8.45 EPS for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Thursday, January 2nd. State Street’s payout ratio is currently 48.03%.

Insider Activity

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.31% of the stock is owned by insiders.

Institutional Trading of State Street

A number of large investors have recently added to or reduced their stakes in STT. Albion Financial Group UT acquired a new stake in shares of State Street during the 4th quarter valued at $25,000. Coastline Trust Co acquired a new stake in shares of State Street during the third quarter worth $44,000. Friedenthal Financial acquired a new stake in shares of State Street during the fourth quarter worth $49,000. Capital Performance Advisors LLP purchased a new stake in shares of State Street during the third quarter valued at $54,000. Finally, Versant Capital Management Inc boosted its position in shares of State Street by 37.0% in the 4th quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock valued at $72,000 after purchasing an additional 197 shares during the period. 87.44% of the stock is currently owned by institutional investors.

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.