State Street (STT) Downgraded to “Hold” at Deutsche Bank
Deutsche Bank cut shares of State Street (NYSE:STT) from a buy rating to a hold rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. They currently have $69.95 price target on the asset manager’s stock.
A number of other brokerages also recently commented on STT. Wells Fargo & Co decreased their target price on State Street from $92.00 to $82.00 and set an outperform rating for the company in a research note on Thursday, December 6th. Zacks Investment Research downgraded State Street from a hold rating to a strong sell rating in a research note on Monday, January 14th. Keefe, Bruyette & Woods restated a hold rating and issued a $72.00 target price on shares of State Street in a research note on Thursday, December 13th. ValuEngine downgraded State Street from a sell rating to a strong sell rating in a research note on Friday, March 1st. Finally, Credit Suisse Group decreased their target price on State Street from $80.00 to $75.00 and set a neutral rating for the company in a research note on Tuesday, January 22nd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $85.98.
Shares of STT stock opened at $70.10 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.53 and a quick ratio of 0.53. State Street has a 52 week low of $57.87 and a 52 week high of $108.41. The company has a market capitalization of $26.54 billion, a price-to-earnings ratio of 9.71, a P/E/G ratio of 1.16 and a beta of 1.39.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Monday, April 1st will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, March 29th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.68%. State Street’s dividend payout ratio (DPR) is presently 26.04%.
In other news, CEO Hanley Ronald P. O sold 27,500 shares of State Street stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $71.82, for a total transaction of $1,975,050.00. Following the sale, the chief executive officer now owns 60,479 shares of the company’s stock, valued at $4,343,601.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $70.63, for a total value of $1,765,750.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,389 shares of company stock worth $5,300,338. Corporate insiders own 0.40% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in STT. Magellan Asset Management Ltd raised its holdings in State Street by 80.1% during the fourth quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock worth $33,000 after purchasing an additional 234 shares in the last quarter. MUFG Securities EMEA plc raised its holdings in State Street by 1,287.3% during the fourth quarter. MUFG Securities EMEA plc now owns 142,700 shares of the asset manager’s stock worth $9,000,000 after purchasing an additional 132,414 shares in the last quarter. American Century Companies Inc. raised its holdings in State Street by 55.7% during the fourth quarter. American Century Companies Inc. now owns 2,031,036 shares of the asset manager’s stock worth $128,097,000 after purchasing an additional 726,674 shares in the last quarter. Sowell Financial Services LLC raised its holdings in State Street by 3.2% during the fourth quarter. Sowell Financial Services LLC now owns 5,514 shares of the asset manager’s stock worth $348,000 after purchasing an additional 172 shares in the last quarter. Finally, Norges Bank bought a new stake in State Street during the fourth quarter worth approximately $257,096,000. 86.78% of the stock is currently owned by institutional investors.
About State Street
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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