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

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

Several other analysts also recently issued reports on STT. Wells Fargo & Company boosted their price objective on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. Evercore ISI boosted their price target on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research note on Friday, December 20th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and increased their target price for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, 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 report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $100.33.

State Street Stock Down 3.0 %

NYSE STT opened at $97.51 on Friday. The company has a market capitalization of $28.58 billion, a P/E ratio of 15.40, a PEG ratio of 0.97 and a beta of 1.43. State Street has a 12 month low of $70.20 and a 12 month high of $101.91. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The company’s 50 day simple moving average is $97.72 and its 200 day simple moving average is $89.63.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3,267,560 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.04 earnings per share. Equities research analysts expect that State Street will post 8.45 earnings per share for the current fiscal year.

State Street Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

Several large investors have recently bought and sold shares of STT. Donoghue Forlines LLC bought a new stake in shares of State Street during the fourth quarter valued at approximately $1,530,000. Mutual Advisors LLC bought a new position in shares of State Street during the 4th quarter worth about $207,000. Janney Montgomery Scott LLC boosted its position in shares of State Street by 11.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after acquiring an additional 7,446 shares in the last quarter. SG Americas Securities LLC increased its stake in State Street by 569.1% in the fourth quarter. SG Americas Securities LLC now owns 16,861 shares of the asset manager’s stock valued at $1,655,000 after acquiring an additional 14,341 shares during the period. Finally, Albion Financial Group UT acquired a new position in State Street in the fourth quarter worth about $25,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.