UBS Group Downgrades State Street (NYSE:STT) to Neutral

UBS Group cut shares of State Street (NYSE:STT) from a buy rating to a neutral rating in a research report released on Wednesday, June 26th, Benzinga reports. The firm currently has $58.00 target price on the asset manager’s stock.

Other equities analysts also recently issued research reports about the company. Bank of America set a $20.00 price target on Fiat Chrysler Automobiles and gave the stock a hold rating in a research report on Thursday, June 6th. Raymond James restated a buy rating and issued a $18.00 target price on shares of Cornerstone Progressive Return Fund in a research report on Wednesday, June 12th. Morgan Stanley reaffirmed a neutral rating and issued a $230.00 price target on shares of Tesla in a report on Wednesday, June 12th. ValuEngine raised Zscaler from a hold rating to a buy rating in a report on Friday, March 1st. Finally, Royal Bank of Canada cut their price target on from GBX 845 ($11.04) to GBX 800 ($10.45) and set an outperform rating for the company in a report on Wednesday, June 19th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $70.52.

NYSE:STT traded up $1.70 during mid-day trading on Wednesday, hitting $56.29. 4,002,811 shares of the company’s stock traded hands, compared to its average volume of 2,873,757. The stock has a fifty day moving average of $55.73. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.52. The company has a market cap of $20.37 billion, a P/E ratio of 7.80, a P/E/G ratio of 0.88 and a beta of 1.40. State Street has a twelve month low of $53.53 and a twelve month high of $94.70.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.92 billion. State Street had a return on equity of 13.44% and a net margin of 18.77%. The company’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.62 earnings per share. Analysts expect that State Street will post 5.85 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Investors of record on Monday, July 1st were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Friday, June 28th. State Street’s payout ratio is currently 26.04%.

In other State Street news, Director Gregory L. Summe bought 3,000 shares of the stock in a transaction dated Tuesday, May 7th. The stock was bought at an average cost of $64.50 per share, for a total transaction of $193,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total transaction of $1,580,500.00. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pearl River Capital LLC acquired a new stake in shares of State Street in the 4th quarter valued at $25,000. Harvest Group Wealth Management LLC acquired a new stake in shares of State Street in the 1st quarter valued at $28,000. NuWave Investment Management LLC lifted its stake in shares of State Street by 3,180.0% in the 1st quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock valued at $33,000 after purchasing an additional 477 shares during the last quarter. Magellan Asset Management Ltd lifted its stake in shares of State Street by 80.1% in the 4th quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock valued at $33,000 after purchasing an additional 234 shares during the last quarter. Finally, Zions Bancorporation N.A. acquired a new stake in shares of State Street in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 89.60% of the company’s stock.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Analyst Recommendations for State Street (NYSE:STT)

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