State Street Corporation (STT) Downgraded by ValuEngine to “Hold”

ValuEngine downgraded shares of State Street Corporation (NYSE:STT) from a buy rating to a hold rating in a research note issued to investors on Friday.

STT has been the subject of a number of other research reports. Zacks Investment Research cut State Street Corporation from a buy rating to a hold rating in a research note on Thursday, October 12th. Morgan Stanley raised their price objective on State Street Corporation from $90.00 to $105.00 and gave the company an equal weight rating in a research note on Tuesday, October 24th. Royal Bank Of Canada reduced their price objective on State Street Corporation from $104.00 to $95.00 and set a sector perform rating for the company in a research note on Tuesday, October 24th. Finally, Keefe, Bruyette & Woods set a $93.00 price objective on State Street Corporation and gave the company a hold rating in a research note on Monday, August 28th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. State Street Corporation has a consensus rating of Hold and a consensus price target of $97.07.

Shares of State Street Corporation (NYSE:STT) opened at $90.79 on Friday. State Street Corporation has a one year low of $74.45 and a one year high of $99.99. The company has a market capitalization of $33,616.35, a P/E ratio of 14.93, a P/E/G ratio of 1.55 and a beta of 1.36. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48.

State Street Corporation (NYSE:STT) last released its earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, topping the consensus estimate of $1.61 by $0.10. State Street Corporation had a return on equity of 13.03% and a net margin of 20.56%. The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter last year, the firm posted $1.35 earnings per share. The firm’s revenue was up 7.7% on a year-over-year basis. analysts forecast that State Street Corporation will post 6.25 EPS for the current fiscal year.

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In related news, insider Andrew Erickson sold 353 shares of State Street Corporation stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the sale, the insider now directly owns 21,170 shares in the company, valued at $1,969,021.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Joseph L. Hooley sold 25,000 shares of State Street Corporation stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total value of $2,315,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,814 shares of company stock worth $2,668,773. 0.71% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of STT. Parallel Advisors LLC lifted its holdings in State Street Corporation by 18.0% during the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock worth $105,000 after acquiring an additional 172 shares during the period. Penserra Capital Management LLC bought a new stake in State Street Corporation during the second quarter worth $107,000. Bronfman E.L. Rothschild L.P. lifted its holdings in State Street Corporation by 15.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after acquiring an additional 168 shares during the period. NEXT Financial Group Inc lifted its holdings in State Street Corporation by 5.5% during the second quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock worth $130,000 after acquiring an additional 75 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new stake in State Street Corporation during the first quarter worth $155,000. Institutional investors and hedge funds own 88.15% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for State Street Corporation (NYSE:STT)

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