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

StockNews.com cut shares of State Street (NYSE:STT) from a buy rating to a hold rating in a research note published on Wednesday.

Other equities analysts also recently issued reports about the stock. Evercore ISI upped their target price on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group increased their price objective on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Morgan Stanley lifted their target price on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Barclays increased their price target on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $92.11.

State Street Trading Up 1.2 %

STT opened at $97.50 on Wednesday. State Street has a one year low of $69.56 and a one year high of $98.45. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market cap of $28.58 billion, a price-to-earnings ratio of 15.40, a P/E/G ratio of 1.19 and a beta of 1.46. The stock’s 50 day moving average price is $91.29 and its 200-day moving average price is $82.90.

State Street (NYSE:STT) last released its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion for 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%. The business’s revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 earnings per share. On average, equities analysts forecast that State Street will post 8.42 EPS for the current year.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

A number of institutional investors have recently bought and sold shares of the stock. LRI Investments LLC acquired a new stake in shares of State Street during the first quarter worth $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in State Street during the 2nd quarter worth about $27,000. Versant Capital Management Inc grew its stake in State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 416 shares during the last quarter. Coastline Trust Co acquired a new position in shares of State Street in the third quarter valued at about $44,000. Finally, Trust Co. of Vermont raised its stake in shares of State Street by 44.4% in the second quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock worth $48,000 after purchasing an additional 200 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

About State Street

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.