Wolfe Research Initiates Coverage on State Street (STT)
Wolfe Research assumed coverage on shares of State Street (NYSE:STT) in a research note issued to investors on Tuesday, The Fly reports. The firm set a “market perform” rating on the asset manager’s stock.
STT has been the topic of a number of other research reports. Zacks Investment Research cut State Street from a “buy” rating to a “hold” rating in a report on Monday, May 28th. Bank of America lowered their target price on State Street from $104.00 to $97.00 and set a “neutral” rating on the stock in a report on Wednesday, July 25th. ValuEngine upgraded State Street from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 4th. Sandler O’Neill reiterated a “hold” rating on shares of State Street in a report on Friday, July 13th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $91.00 target price on shares of State Street in a report on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. State Street currently has an average rating of “Hold” and an average price target of $105.71.
NYSE:STT traded up $0.05 during trading hours on Tuesday, reaching $87.10. 8,566 shares of the company traded hands, compared to its average volume of 2,359,506. The stock has a market cap of $32.47 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.06 and a beta of 1.20. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.52 and a current ratio of 0.52. State Street has a 1-year low of $82.43 and a 1-year high of $114.27.
In other news, CEO Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $83.01, for a total transaction of $2,075,250.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP George E. Sullivan sold 1,611 shares of the firm’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $83.18, for a total value of $134,002.98. Following the sale, the executive vice president now owns 58,847 shares in the company, valued at approximately $4,894,893.46. The disclosure for this sale can be found here. Insiders have sold 26,954 shares of company stock worth $2,237,777 in the last 90 days. Insiders own 0.40% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Trust Co. of Vermont boosted its holdings in State Street by 15.8% in the second quarter. Trust Co. of Vermont now owns 4,252 shares of the asset manager’s stock valued at $396,000 after acquiring an additional 580 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in State Street by 1.7% in the second quarter. Commonwealth Equity Services LLC now owns 35,179 shares of the asset manager’s stock valued at $3,275,000 after acquiring an additional 604 shares during the last quarter. IFP Advisors Inc boosted its holdings in State Street by 17.8% in the second quarter. IFP Advisors Inc now owns 4,200 shares of the asset manager’s stock valued at $391,000 after acquiring an additional 635 shares during the last quarter. SRS Capital Advisors Inc. boosted its holdings in State Street by 36.1% in the second quarter. SRS Capital Advisors Inc. now owns 2,431 shares of the asset manager’s stock valued at $226,000 after acquiring an additional 645 shares during the last quarter. Finally, Dowling & Yahnke LLC raised its position in State Street by 2.9% in the second quarter. Dowling & Yahnke LLC now owns 23,526 shares of the asset manager’s stock valued at $2,190,000 after purchasing an additional 660 shares during the period. Hedge funds and other institutional investors own 86.69% 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; 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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