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

StockNews.com lowered shares of State Street (NYSE:STT) from a buy rating to a hold rating in a report issued on Wednesday morning.

A number of other brokerages also recently issued reports on STT. Morgan Stanley boosted their price objective on shares of State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upped their price target on State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Barclays lifted their price objective on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group increased their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Wells Fargo & Company lifted their price target on shares of State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $92.11.

State Street Stock Up 1.2 %

STT stock opened at $97.50 on Wednesday. The company 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 company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The business’s 50-day moving average is $91.29 and its two-hundred day moving average is $82.90. State Street has a fifty-two week low of $69.56 and a fifty-two week high of $98.45.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the prior year, the business earned $1.93 EPS. The business’s quarterly revenue was up 21.1% on a year-over-year basis. As a group, analysts forecast that State Street will post 8.42 earnings per share for the current year.

Insider Transactions at State Street

In related news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

A number of institutional investors and hedge funds have recently made changes to their positions in STT. Teachers Retirement System of The State of Kentucky raised its position in shares of State Street by 1.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 310,909 shares of the asset manager’s stock valued at $27,506,000 after buying an additional 4,936 shares in the last quarter. Coldstream Capital Management Inc. raised its position in State Street by 12.1% during the third quarter. Coldstream Capital Management Inc. now owns 4,514 shares of the asset manager’s stock valued at $404,000 after purchasing an additional 486 shares during the period. Geode Capital Management LLC lifted its stake in shares of State Street by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock valued at $632,111,000 after purchasing an additional 41,442 shares during the last quarter. Groupama Asset Managment boosted its holdings in shares of State Street by 22.0% in the 3rd quarter. Groupama Asset Managment now owns 10,674 shares of the asset manager’s stock worth $944,000 after purchasing an additional 1,927 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its position in shares of State Street by 6.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 91,247 shares of the asset manager’s stock valued at $8,073,000 after purchasing an additional 5,167 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

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.