State Street (NYSE:STT) Cut to Hold at Zacks Research

State Street (NYSE:STT) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the company. Citigroup raised their price target on State Street from $172.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday. Evercore set a $158.00 target price on State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. The Goldman Sachs Group upped their price target on State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, Truist Financial lifted their price objective on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $159.97.

State Street Stock Performance

STT opened at $174.13 on Monday. The firm has a market cap of $48.19 billion, a P/E ratio of 17.66, a PEG ratio of 0.95 and a beta of 1.43. State Street has a 1-year low of $101.84 and a 1-year high of $175.46. The company has a 50 day simple moving average of $156.07 and a two-hundred day simple moving average of $138.15. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the firm earned $2.04 EPS. The company’s revenue was up 15.6% on a year-over-year basis. Equities analysts forecast that State Street will post 12.35 earnings per share for the current fiscal year.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 3,000 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in STT. Western Wealth Management LLC boosted its holdings in shares of State Street by 3.1% during the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after purchasing an additional 60 shares during the last quarter. Chicago Partners Investment Group LLC increased its holdings in shares of State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock valued at $675,000 after purchasing an additional 83 shares during the last quarter. Wedmont Private Capital lifted its position in State Street by 1.3% during the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock worth $861,000 after buying an additional 85 shares in the last quarter. Arjuna Capital boosted its stake in State Street by 0.4% during the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after buying an additional 95 shares during the last quarter. Finally, LVW Advisors LLC grew its holdings in State Street by 1.7% in the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock valued at $723,000 after buying an additional 96 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

More State Street News

Here are the key news stories impacting State Street this week:

• Neutral Sentiment: State Street exited or reduced substantial holdings in several companies, including Smartgroup, Aussie Broadband, Deterra Royalties, Electro Optic Systems, Super Retail Group, Austal, Bapcor, Bega Cheese, and Clarity Pharmaceuticals. These are disclosure items tied to asset management positions, not State Street’s own earnings or guidance. Article: State Street exits substantial holding in Smartgroup
• Neutral Sentiment: State Street SPDR Straits Times Index ETF issued an updated prospectus for its Singapore benchmark fund, another routine fund-management update that is unlikely to have a major direct impact on STT’s near-term fundamentals. Article: State Street SPDR STI ETF issues updated prospectus for Singapore benchmark fund

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.