StockNews.com Downgrades State Street (NYSE:STT) to Hold

State Street (NYSE:STT) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report released on Wednesday.

STT has been the topic of a number of other reports. Wells Fargo & Company raised their price objective on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. The Goldman Sachs Group boosted their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Morgan Stanley raised their price target on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Evercore ISI boosted their target price on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $92.11.

State Street Stock Performance

STT stock opened at $96.34 on Wednesday. State Street has a 1-year low of $68.99 and a 1-year high of $98.45. 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 firm has a market cap of $28.24 billion, a PE ratio of 15.22, a P/E/G ratio of 1.17 and a beta of 1.46. The business’s 50-day moving average price is $91.01 and its two-hundred day moving average price is $82.75.

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, beating the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion during 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%. State Street’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.93 EPS. As a group, research analysts forecast that State Street will post 8.42 earnings per share for the current year.

Insider Buying and Selling

In other State Street news, EVP John Plansky sold 13,859 shares of the company’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 sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

A number of institutional investors have recently modified their holdings of the business. LRI Investments LLC acquired a new position in State Street during the first quarter worth about $25,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of State Street during the 2nd quarter valued at approximately $27,000. Versant Capital Management Inc increased its position in State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after purchasing an additional 416 shares in the last quarter. Coastline Trust Co bought a new position in State Street in the 3rd quarter valued at approximately $44,000. Finally, Trust Co. of Vermont boosted its position in 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 buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.