State Street (NYSE:STT) Downgraded 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 released on Friday morning.

Several other research firms have also recently commented on STT. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Morgan Stanley decreased their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Friday, January 3rd. Truist Financial started coverage on shares of State Street in a research note on Tuesday, January 7th. They issued a “hold” rating and a $106.00 price target on the stock. Evercore ISI lifted their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Barclays upped their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and an average target price of $100.33.

State Street Price Performance

STT opened at $97.51 on Friday. The firm has a market capitalization of $28.58 billion, a P/E ratio of 15.40, a PEG ratio of 0.97 and a beta of 1.43. The stock has a fifty day moving average of $97.67 and a 200-day moving average of $89.35. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street has a 12-month low of $70.20 and a 12-month high of $101.91.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3,267,560 billion. During the same period in the prior year, the business earned $2.04 EPS. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities analysts forecast that State Street will post 8.45 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Thursday, January 2nd. State Street’s dividend payout ratio is 48.03%.

Insider Transactions at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On State Street

Several hedge funds and other institutional investors have recently made changes to their positions in STT. Albion Financial Group UT acquired a new position in shares of State Street during the 4th quarter worth about $25,000. Coastline Trust Co acquired a new position in shares of State Street during the third quarter worth approximately $44,000. Friedenthal Financial bought a new stake in shares of State Street in the fourth quarter valued at approximately $49,000. Capital Performance Advisors LLP acquired a new stake in shares of State Street in the third quarter worth $54,000. Finally, Versant Capital Management Inc increased its position in State Street by 37.0% during the fourth quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after acquiring an additional 197 shares during the period. 87.44% of the stock is 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.