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

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

A number of other brokerages have also commented on STT. The Goldman Sachs Group upped their price objective on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Evercore ISI increased their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Truist Financial started coverage on shares of State Street in a research note on Tuesday. They set a “hold” rating and a $106.00 price objective on the stock. Morgan Stanley decreased their price target on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Friday, January 3rd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $100.33.

State Street Stock Performance

STT opened at $94.04 on Wednesday. The firm has a market capitalization of $27.57 billion, a PE ratio of 14.86, a PEG ratio of 1.24 and a beta of 1.43. State Street has a 52-week low of $70.20 and a 52-week high of $101.91. The business’s 50-day simple moving average is $97.41 and its 200 day simple moving average is $88.68. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56.

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

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders 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 3.23%. 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 State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Plansky sold 13,859 shares of the stock in a transaction on 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 transaction, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 20.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,460 shares of company stock valued at $2,499,860. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

Several institutional investors and hedge funds have recently bought and sold shares of the business. Graypoint LLC purchased a new stake in shares of State Street in the 4th quarter worth approximately $203,000. ST Germain D J Co. Inc. grew its position in shares of State Street by 6.7% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock valued at $282,000 after acquiring an additional 180 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in State Street by 1.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,321 shares of the asset manager’s stock worth $2,878,000 after acquiring an additional 535 shares in the last quarter. InvesTrust purchased a new position in shares of State Street during the 4th quarter valued at $742,000. Finally, Neville Rodie & Shaw Inc. lifted its holdings in shares of State Street by 337.3% in the fourth quarter. Neville Rodie & Shaw Inc. now owns 18,150 shares of the asset manager’s stock worth $1,782,000 after buying an additional 14,000 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.