State Street (NYSE:STT) was downgraded by analysts at Deutsche Bank from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, The Fly reports.
Other research analysts have also issued reports about the stock. Citigroup reiterated a “buy” rating and issued a $80.00 price objective on shares of State Street in a research note on Tuesday, December 11th. Bank of America upgraded shares of State Street from a “neutral” rating to a “buy” rating and set a $66.51 price objective for the company in a research note on Friday, January 11th. TheStreet lowered shares of State Street from a “b-” rating to a “c+” rating in a research report on Tuesday, December 18th. Zacks Investment Research restated a “hold” rating on shares of State Street in a research report on Friday, November 16th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $72.00 price target on shares of State Street in a research report on Thursday, December 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $87.24.
State Street stock traded up $0.44 during mid-day trading on Thursday, reaching $70.29. The company’s stock had a trading volume of 1,747,449 shares, compared to its average volume of 2,948,021. State Street has a 12-month low of $57.87 and a 12-month high of $108.41. The firm has a market capitalization of $26.48 billion, a price-to-earnings ratio of 9.74, a P/E/G ratio of 1.16 and a beta of 1.39. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.53.
State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 18th. The asset manager reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.01. State Street had a net margin of 20.05% and a return on equity of 14.44%. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the business earned $1.61 EPS. State Street’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts forecast that State Street will post 6.81 EPS for the current year.
In other news, EVP Andrew P. Kuritzkes sold 13,339 shares of State Street stock in a transaction on Monday, March 4th. The shares were sold at an average price of $72.10, for a total transaction of $961,741.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hanley Ronald P. O sold 27,500 shares of State Street stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $71.82, for a total transaction of $1,975,050.00. Following the sale, the chief executive officer now directly owns 60,479 shares of the company’s stock, valued at $4,343,601.78. The disclosure for this sale can be found here. Insiders have sold a total of 74,389 shares of company stock valued at $5,300,338 over the last 90 days. Company insiders own 0.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Magellan Asset Management Ltd lifted its stake in State Street by 80.1% in the fourth quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock worth $33,000 after purchasing an additional 234 shares during the last quarter. MUFG Securities EMEA plc lifted its stake in State Street by 1,287.3% in the fourth quarter. MUFG Securities EMEA plc now owns 142,700 shares of the asset manager’s stock worth $9,000,000 after purchasing an additional 132,414 shares during the last quarter. American Century Companies Inc. lifted its stake in State Street by 55.7% in the fourth quarter. American Century Companies Inc. now owns 2,031,036 shares of the asset manager’s stock worth $128,097,000 after purchasing an additional 726,674 shares during the last quarter. Sowell Financial Services LLC lifted its stake in State Street by 3.2% in the fourth quarter. Sowell Financial Services LLC now owns 5,514 shares of the asset manager’s stock worth $348,000 after purchasing an additional 172 shares during the last quarter. Finally, Norges Bank bought a new stake in State Street in the fourth quarter worth $257,096,000. 86.78% of the stock is owned by institutional investors.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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