Zacks Investment Research cut shares of State Street Corporation (NYSE:STT) from a buy rating to a hold rating in a report issued on Monday.

According to Zacks, “Shares of State Street have marginally underperformed the industry over the past six months. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. The company’s third quarter 2017 results benefited from higher revenues and rise in assets under management, partially offset by increase in expenses. New business wins, efforts to improve efficiency through its multi-year restructuring plan, synergies from GE Asset Management deal and easing margin pressure are likely to aid profitability. However, mounting expenses mainly owing to higher compensation and employee benefit costs are expected to hurt its profitability.”

Other equities research analysts have also recently issued reports about the company. Buckingham Research reaffirmed a buy rating and set a $107.00 price target (up from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Morgan Stanley lifted their target price 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. Jefferies Group LLC reissued a hold rating and issued a $100.00 target price on shares of State Street Corporation in a research note on Friday, September 15th. Keefe, Bruyette & Woods set a $93.00 target price on State Street Corporation and gave the company a hold rating in a research note on Monday, August 28th. Finally, Citigroup Inc. restated a neutral rating and issued a $102.00 price target (up from $88.00) on shares of State Street Corporation in a research report on Monday, October 9th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $97.07.

Shares of State Street Corporation (NYSE:STT) traded down 1.38% on Monday, reaching $92.00. The company’s stock had a trading volume of 1,623,424 shares. State Street Corporation has a 52 week low of $69.49 and a 52 week high of $99.99. The stock has a 50-day moving average of $96.28 and a 200 day moving average of $90.16. The stock has a market capitalization of $34.40 billion, a price-to-earnings ratio of 16.99 and a beta of 1.31.

State Street Corporation (NYSE:STT) last issued its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the Zacks’ 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 period in the prior year, the firm posted $1.35 EPS. State Street Corporation’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, analysts expect that State Street Corporation will post $6.26 EPS for the current year.

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In related news, insider Andrew Erickson sold 353 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of 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 SEC, which is available at this link. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the completion of the sale, the insider now owns 39,896 shares of the company’s stock, valued at $3,692,374.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,814 shares of company stock valued at $353,485. Corporate insiders own 0.71% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. Salem Investment Counselors Inc. lifted its stake in State Street Corporation by 2,677.8% during the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock worth $131,000 after purchasing an additional 964 shares during the last quarter. Parallel Advisors LLC lifted its stake 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 purchasing an additional 172 shares during the last quarter. 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 stake 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 purchasing an additional 168 shares during the last quarter. Finally, NEXT Financial Group Inc lifted its stake 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 purchasing an additional 75 shares during the last quarter. Institutional investors and hedge funds own 87.81% 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.

Analyst Recommendations for State Street Corporation (NYSE:STT)

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