State Street (NYSE:STT) Downgraded to Underweight at Morgan Stanley
Morgan Stanley downgraded shares of State Street (NYSE:STT) from an overweight rating to an underweight rating in a research report released on Monday, Benzinga reports. They currently have $55.00 target price on the asset manager’s stock, down from their previous target price of $69.00.
A number of other brokerages have also issued reports on STT. Buckingham Research cut their target price on shares of State Street from $83.00 to $67.00 and set a buy rating on the stock in a research note on Wednesday, June 12th. Bank of America set a $20.00 target price on shares of Fiat Chrysler Automobiles and gave the company a hold rating in a research note on Thursday, June 6th. Wells Fargo & Co set a $32.00 target price on shares of Farfetch and gave the company a buy rating in a research note on Wednesday, June 12th. Royal Bank of Canada cut their target price on shares of from GBX 845 ($11.04) to GBX 800 ($10.45) and set an outperform rating on the stock in a research note on Wednesday, June 19th. Finally, UBS Group set a $13.00 target price on shares of Freeport-McMoRan and gave the company a hold rating in a research note on Wednesday, June 26th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $70.52.
STT stock traded up $0.62 during trading on Monday, reaching $55.04. The stock had a trading volume of 3,941,430 shares, compared to its average volume of 2,803,698. State Street has a 1-year low of $53.53 and a 1-year high of $95.68. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a market capitalization of $20.35 billion, a P/E ratio of 7.62, a P/E/G ratio of 0.87 and a beta of 1.40. The company has a fifty day moving average of $56.30.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Investors of record on Monday, July 1st will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, June 28th. State Street’s dividend payout ratio is presently 26.04%.
In other State Street news, EVP Jeffrey N. Carp sold 25,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $63.22, for a total value of $1,580,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory L. Summe bought 3,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was purchased at an average price of $64.50 per share, with a total value of $193,500.00. The disclosure for this purchase can be found here. 0.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Harvest Group Wealth Management LLC bought a new position in State Street in the 1st quarter worth about $28,000. NuWave Investment Management LLC grew its position in State Street by 3,180.0% in the 1st quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock worth $33,000 after purchasing an additional 477 shares during the last quarter. Magellan Asset Management Ltd grew its position in State Street by 80.1% in the 4th quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock worth $33,000 after purchasing an additional 234 shares during the last quarter. Zions Bancorporation N.A. bought a new position in State Street in the 1st quarter worth about $40,000. Finally, Global Retirement Partners LLC grew its position in State Street by 104.8% in the 1st quarter. Global Retirement Partners LLC now owns 725 shares of the asset manager’s stock worth $48,000 after purchasing an additional 371 shares during the last quarter. Hedge funds and other institutional investors own 89.56% of the company’s stock.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level 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; 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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