State Street (NYSE:STT) Lowered to Hold Rating by Zacks Research

State Street (NYSE:STT) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

STT has been the topic of a number of other reports. The Goldman Sachs Group upped their target price on shares of State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Citigroup upped their price objective on shares of State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a report on Tuesday. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Argus upped their price target on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Finally, Keefe, Bruyette & Woods lifted their price objective on State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.97.

State Street Stock Performance

Shares of STT opened at $174.13 on Monday. The company has a 50-day simple moving average of $156.07 and a two-hundred day simple moving average of $138.15. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market capitalization of $48.19 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 0.95 and a beta of 1.43. State Street has a one year low of $101.84 and a one year high of $175.46.

State Street (NYSE:STT) last released its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.04 EPS. On average, analysts anticipate that State Street will post 12.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the transaction, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. This represents a 5.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 37,876 shares of company stock worth $5,866,583 over the last three months. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On State Street

Several hedge funds and other institutional investors have recently modified their holdings of the company. Regents of The University of California grew its position in State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after buying an additional 5,908,370 shares during the period. Norges Bank bought a new position in State Street in the fourth quarter worth approximately $303,483,000. Pinebridge Investments LLC purchased a new position in shares of State Street during the 4th quarter worth $178,705,000. Victory Capital Management Inc. grew its position in shares of State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after acquiring an additional 1,074,174 shares during the period. Finally, Two Sigma Investments LP grew its position in shares of State Street by 261.0% during the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after acquiring an additional 880,507 shares during the period. 87.44% of the stock is owned by institutional investors.

More State Street News

Here are the key news stories impacting State Street this week:

• Neutral Sentiment: State Street exited or reduced substantial holdings in several companies, including Smartgroup, Aussie Broadband, Deterra Royalties, Electro Optic Systems, Super Retail Group, Austal, Bapcor, Bega Cheese, and Clarity Pharmaceuticals. These are disclosure items tied to asset management positions, not State Street’s own earnings or guidance. Article: State Street exits substantial holding in Smartgroup
• Neutral Sentiment: State Street SPDR Straits Times Index ETF issued an updated prospectus for its Singapore benchmark fund, another routine fund-management update that is unlikely to have a major direct impact on STT’s near-term fundamentals. Article: State Street SPDR STI ETF issues updated prospectus for Singapore benchmark fund

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.