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

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

STT has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft upped their price target on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Wells Fargo & Company upped their target price on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. The Goldman Sachs Group lifted 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 upgraded State Street from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $102.00 to $139.00 in a research report on Monday, December 9th. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research report on Friday, December 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $98.36.

State Street Stock Down 1.0 %

Shares of State Street stock opened at $98.58 on Friday. The business has a 50-day moving average price of $96.26 and a 200 day moving average price of $87.01. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $101.91. The firm has a market cap of $28.90 billion, a P/E ratio of 15.57, a P/E/G ratio of 1.24 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the previous year, the company posted $1.93 earnings per share. The firm’s revenue was up 21.1% on a year-over-year basis. On average, sell-side analysts forecast that State Street will post 8.42 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was 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 directly owns 111,042 shares in the company, valued at $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. 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 ninety days. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. HB Wealth Management LLC increased its holdings in shares of State Street by 9.2% in the second quarter. HB Wealth Management LLC now owns 4,706 shares of the asset manager’s stock valued at $348,000 after purchasing an additional 397 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of State Street by 3.1% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 186,406 shares of the asset manager’s stock worth $13,617,000 after acquiring an additional 5,646 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of State Street by 0.9% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 30,704 shares of the asset manager’s stock valued at $2,272,000 after acquiring an additional 274 shares during the period. Intact Investment Management Inc. increased its position in State Street by 110.8% in the second quarter. Intact Investment Management Inc. now owns 73,160 shares of the asset manager’s stock worth $5,414,000 after purchasing an additional 38,460 shares during the period. Finally, Rothschild Investment LLC bought a new stake in State Street during the 2nd quarter worth about $642,000. 87.44% of the stock is owned by institutional investors.

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.