State Street Corporation (STT) Downgraded by Zacks Investment Research to Hold
State Street Corporation (NYSE:STT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Shares of State Street have marginally underperformed the industry over the past six months. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. The company’s third quarter 2017 results benefited from higher revenues and rise in assets under management, partially offset by increase in expenses. New business wins, efforts to improve efficiency through its multi-year restructuring plan, synergies from GE Asset Management deal and easing margin pressure are likely to aid profitability. However, mounting expenses mainly owing to higher compensation and employee benefit costs are expected to hurt its profitability.”
STT has been the topic of several other reports. Wells Fargo & Company began coverage on shares of State Street Corporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $115.00 target price on the stock. Barclays PLC upped their target price on shares of State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Jefferies Group LLC reaffirmed a “hold” rating and set a $100.00 target price on shares of State Street Corporation in a research note on Friday, September 15th. Keefe, Bruyette & Woods reaffirmed an “underweight” rating on shares of State Street Corporation in a research note on Thursday, July 13th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $102.00 target price (up from $88.00) on shares of State Street Corporation in a research note on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $97.07.
Shares of State Street Corporation (NYSE:STT) traded up 0.05% during trading on Monday, hitting $93.56. 578,374 shares of the stock were exchanged. State Street Corporation has a one year low of $69.49 and a one year high of $99.99. The company has a market cap of $34.99 billion, a price-to-earnings ratio of 17.27 and a beta of 1.31. The stock’s 50 day moving average price is $96.26 and its 200-day moving average price is $89.87.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.10. State Street Corporation had a net margin of 20.56% and a return on equity of 13.03%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the previous year, the firm earned $1.35 EPS. The business’s revenue was up 7.7% on a year-over-year basis. On average, analysts predict that State Street Corporation will post $6.26 EPS for the current year.
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In other news, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the completion of the transaction, the insider now owns 39,896 shares in the company, valued at approximately $3,692,374.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Andrew Erickson sold 353 shares of the company’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of the transaction, the insider now owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,814 shares of company stock worth $353,485. Insiders own 0.71% of the company’s stock.
Several institutional investors have recently modified their holdings of STT. Parallel Advisors LLC boosted its holdings in shares of State Street Corporation by 18.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after buying an additional 172 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of State Street Corporation in the 2nd quarter valued at $107,000. Bronfman E.L. Rothschild L.P. boosted its holdings in shares of State Street Corporation by 15.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after buying an additional 168 shares in the last quarter. NEXT Financial Group Inc boosted its holdings in shares of State Street Corporation by 5.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after buying an additional 75 shares in the last quarter. Finally, Salem Investment Counselors Inc. boosted its holdings in shares of State Street Corporation by 2,677.8% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after buying an additional 964 shares in the last quarter. Institutional investors and hedge funds own 87.81% of the company’s stock.
State Street Corporation Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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