State Street Corporation (STT) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of State Street Corporation (NYSE:STT) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Shares of State Street have outperformed 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. Also, its enhanced capital deployment activities and exposure in international markets keeps us encouraged. However, mounting expenses mainly owing to higher compensation and employee benefit costs are expected to hurt its bottom line. Further, a stretched valuation indicates limited upside potential for the stock.”
STT has been the subject of a number of other research reports. Citigroup Inc. restated a neutral rating and issued a $102.00 price objective (up previously from $88.00) on shares of State Street Corporation in a research report on Monday, October 9th. Keefe, Bruyette & Woods set a $93.00 price objective on shares of State Street Corporation and gave the company a hold rating in a research report on Monday, August 28th. Barclays PLC raised their price objective on shares of State Street Corporation from $95.00 to $104.00 and gave the company an overweight rating in a research report on Thursday, July 27th. Morgan Stanley raised their price objective on shares of State Street Corporation from $90.00 to $105.00 and gave the company an equal weight rating in a research report on Tuesday, October 24th. Finally, Jefferies Group LLC restated a hold rating and issued a $100.00 price objective on shares of State Street Corporation in a research report on Friday, September 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. State Street Corporation currently has a consensus rating of Hold and an average price target of $96.47.
Shares of State Street Corporation (NYSE:STT) opened at $92.31 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. The company has a market cap of $34,270.00, a PE ratio of 15.04, a P/E/G ratio of 1.56 and a beta of 1.35. State Street Corporation has a 12-month low of $74.45 and a 12-month high of $99.99.
State Street Corporation (NYSE:STT) last announced its quarterly earnings data on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.10. The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. State Street Corporation had a net margin of 20.56% and a return on equity of 13.03%. The firm’s revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.35 earnings per share. equities analysts forecast that State Street Corporation will post 6.25 EPS for the current year.
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In other news, insider Hannah M. Grove sold 3,200 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total transaction of $296,448.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total transaction of $2,315,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,554 shares of company stock valued at $2,644,016. Corporate insiders own 0.71% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Raymond James Trust N.A. increased its stake in shares of State Street Corporation by 26.5% during the 3rd quarter. Raymond James Trust N.A. now owns 4,112 shares of the asset manager’s stock worth $393,000 after purchasing an additional 862 shares in the last quarter. Commonwealth Bank of Australia increased its stake in shares of State Street Corporation by 5.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock worth $5,490,000 after purchasing an additional 3,365 shares in the last quarter. Delta Lloyd Asset Management N.V. purchased a new position in shares of State Street Corporation during the 2nd quarter worth approximately $4,730,000. Boston Advisors LLC purchased a new position in shares of State Street Corporation during the 3rd quarter worth approximately $13,279,000. Finally, Pennsylvania Trust Co increased its stake in shares of State Street Corporation by 6.5% during the 2nd quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock worth $361,000 after purchasing an additional 240 shares in the last quarter. 88.15% of the stock is owned by institutional investors and hedge funds.
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.
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