State Street (NYSE:STT) Downgraded to Hold Rating by StockNews.com

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

STT has been the topic of several other reports. Barclays lifted their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft upped their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a report on Monday, November 11th. Morgan Stanley dropped their price target on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. Truist Financial began coverage on shares of State Street in a research report on Tuesday. They set a “hold” rating and a $106.00 price objective for the company. Finally, Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $100.33.

State Street Stock Down 0.0 %

Shares of NYSE STT opened at $97.68 on Wednesday. State Street has a 1 year low of $70.20 and a 1 year high of $101.91. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market cap of $28.63 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.43. The company has a 50 day simple moving average of $97.29 and a 200 day simple moving average of $88.47.

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

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s payout ratio is 48.03%.

Insiders Place Their Bets

In other news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction dated Monday, November 25th. The shares were 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. This trade represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Plansky sold 13,859 shares of the company’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 completion of the sale, the executive vice president now owns 55,108 shares in the company, valued at $5,032,462.56. This represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,460 shares of company stock worth $2,499,860. Corporate insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC purchased a new position in State Street during the second quarter worth about $27,000. Coastline Trust Co purchased a new position in shares of State Street in the 3rd quarter worth approximately $44,000. Capital Performance Advisors LLP purchased a new position in shares of State Street in the 3rd quarter worth approximately $54,000. Versant Capital Management Inc grew its holdings in shares of State Street by 37.0% in the fourth quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock valued at $72,000 after acquiring an additional 197 shares in the last quarter. Finally, Tobam purchased a new stake in shares of State Street during the third quarter valued at approximately $77,000. 87.44% of the stock is owned by 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.