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 research report sent to investors on Friday morning.

STT has been the topic of a number of other reports. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and increased their price target for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Wells Fargo & Company increased their target price on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. Truist Financial lowered their target price on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research note on Friday, December 20th. Finally, Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $101.20.

State Street Stock Performance

State Street stock opened at $89.72 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a 1 year low of $70.20 and a 1 year high of $103.00. The company has a market cap of $25.88 billion, a PE ratio of 10.89, a PEG ratio of 1.11 and a beta of 1.44. The company’s 50-day moving average is $97.91 and its two-hundred day moving average is $94.11.

State Street (NYSE:STT) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.04 EPS. Equities analysts anticipate that State Street will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is 36.89%.

Insider Buying and Selling at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the transaction, the director now owns 100,023 shares in the company, valued at $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

Several hedge funds and other institutional investors have recently made changes to their positions in STT. Albion Financial Group UT bought a new stake in shares of State Street during the fourth quarter valued at approximately $25,000. Y.D. More Investments Ltd lifted its position in shares of State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after buying an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in State Street during the 4th quarter worth about $42,000. Coppell Advisory Solutions LLC lifted its holdings in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after purchasing an additional 412 shares in the last quarter. Finally, Coastline Trust Co purchased a new stake in shares of State Street in the 3rd quarter valued at about $44,000. 87.44% of the stock is currently 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.