Citigroup Lowers State Street (NYSE:STT) to Neutral

State Street (NYSE:STTGet Rating) was downgraded by equities researchers at Citigroup from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday, April 11th, MarketBeat.com reports.

Several other research firms have also recently weighed in on STT. Deutsche Bank Aktiengesellschaft dropped their price target on shares of State Street from $130.00 to $113.00 in a research note on Thursday, April 7th. Barclays increased their price target on shares of State Street from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, January 3rd. Morgan Stanley dropped their price target on shares of State Street from $128.00 to $123.00 and set an “overweight” rating for the company in a research note on Monday, March 28th. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating and set a $99.00 price target for the company. in a research note on Friday, January 21st. Finally, StockNews.com assumed coverage on shares of State Street in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $102.29.

NYSE STT traded up $2.85 during trading hours on Monday, hitting $72.76. 1,986,232 shares of the company’s stock traded hands, compared to its average volume of 2,563,411. State Street has a 52-week low of $66.47 and a 52-week high of $104.87. The company has a market capitalization of $26.71 billion, a PE ratio of 9.47, a PEG ratio of 1.06 and a beta of 1.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.52 and a quick ratio of 0.52. The firm’s 50-day moving average is $81.63 and its 200-day moving average is $91.08.

State Street (NYSE:STTGet Rating) last announced its quarterly earnings data on Thursday, April 14th. The asset manager reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.12. State Street had a net margin of 22.82% and a return on equity of 11.59%. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.03 billion. During the same quarter in the prior year, the company earned $1.47 EPS. State Street’s revenue was up 4.4% compared to the same quarter last year. Equities research analysts predict that State Street will post 7.91 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Louisiana State Employees Retirement System raised its holdings in shares of State Street by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 22,900 shares of the asset manager’s stock valued at $2,130,000 after purchasing an additional 100 shares in the last quarter. Samalin Investment Counsel LLC raised its holdings in shares of State Street by 5.0% in the 4th quarter. Samalin Investment Counsel LLC now owns 2,124 shares of the asset manager’s stock valued at $197,000 after purchasing an additional 101 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of State Street by 4.0% in the 4th quarter. Integrated Wealth Concepts LLC now owns 2,755 shares of the asset manager’s stock valued at $256,000 after purchasing an additional 106 shares in the last quarter. IFM Investors Pty Ltd grew its position in shares of State Street by 0.3% in the 4th quarter. IFM Investors Pty Ltd now owns 48,049 shares of the asset manager’s stock valued at $4,469,000 after buying an additional 121 shares during the last quarter. Finally, MMA Asset Management LLC grew its position in shares of State Street by 4.8% in the 4th quarter. MMA Asset Management LLC now owns 2,691 shares of the asset manager’s stock valued at $250,000 after buying an additional 124 shares during the last quarter. Institutional investors and hedge funds own 91.48% of the company’s stock.

State Street Company Profile (Get Rating)

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; product 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 and enhanced custody products; 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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