State Street (NYSE:STT) Cut to Hold at Zacks Research

Zacks Research downgraded shares of State Street (NYSE:STT) from a strong-buy rating to a hold rating in a report published on Monday,Zacks.com reports.

STT has been the subject of several other research reports. BMO Capital Markets initiated coverage on State Street in a report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price target for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. TD Cowen assumed coverage on shares of State Street in a report on Thursday, September 25th. They issued a “buy” rating on the stock. Truist Financial dropped their price objective on State Street from $133.00 to $131.00 and set a “buy” rating for the company in a report on Monday, October 20th. Finally, Wells Fargo & Company lifted their target price on State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.92.

State Street Stock Up 1.5%

State Street stock opened at $120.82 on Monday. The stock has a 50 day moving average of $116.13 and a two-hundred day moving average of $110.28. State Street has a twelve month low of $72.81 and a twelve month high of $122.69. The stock has a market capitalization of $33.75 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.09 and a beta of 1.44. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.26 EPS. As a group, research analysts expect that State Street will post 9.68 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the transaction, the executive vice president owned 38,626 shares in the company, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On State Street

Large investors have recently made changes to their positions in the business. Capital Analysts LLC lifted its position in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after acquiring an additional 274 shares during the period. True Wealth Design LLC lifted its position in State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after purchasing an additional 158 shares during the period. JPL Wealth Management LLC acquired a new stake in State Street during the third quarter valued at approximately $29,000. Flagship Wealth Advisors LLC bought a new stake in shares of State Street in the 3rd quarter valued at approximately $35,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in shares of State Street in the 3rd quarter worth approximately $35,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.