State Street Corp. (STT) Stock Rating Lowered by Zacks Investment Research
State Street Corp. (NYSE:STT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “State Street's shares have outperformed the Zacks categorized Major Regional Banks industry, year-to-date. The company expects that the acquisition of GE Asset Management will lead to revenue and cost synergies in the quarters ahead. Moreover, the company remains on track to lower expenses and enhance cost efficiencies through its multi-year restructuring plan. Nevertheless, rising expenses, along with stringent regulations will continue to weigh on its financials. Moreover, net interest margin is likely to be under pressure in the coming quarters due to the persistent low-rate environment.”
Several other equities analysts also recently commented on the company. Credit Suisse Group AG began coverage on State Street Corp. in a research report on Tuesday, November 22nd. They issued a “neutral” rating and a $74.00 target price for the company. Morgan Stanley upgraded State Street Corp. from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $64.00 to $84.00 in a research report on Monday, November 14th. Jefferies Group reiterated a “buy” rating and issued a $81.00 target price on shares of State Street Corp. in a research report on Tuesday, November 1st. Barclays PLC reiterated a “buy” rating and issued a $71.00 target price on shares of State Street Corp. in a research report on Tuesday, October 11th. Finally, Keefe, Bruyette & Woods upgraded State Street Corp. from an “underperform” rating to a “market perform” rating in a research report on Wednesday, October 5th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $72.81.
State Street Corp. (NYSE:STT) traded up 0.22% during trading on Tuesday, hitting $77.03. The stock had a trading volume of 643,357 shares. The company has a market cap of $29.71 billion, a price-to-earnings ratio of 15.76 and a beta of 1.32. State Street Corp. has a 52 week low of $50.60 and a 52 week high of $79.27. The company has a 50-day moving average of $73.23 and a 200 day moving average of $66.13.
State Street Corp. (NYSE:STT) last posted its earnings results on Wednesday, October 26th. The company reported $1.35 EPS for the quarter, beating the consensus estimate of $1.25 by $0.10. The firm earned $2.62 billion during the quarter, compared to the consensus estimate of $2.72 billion. State Street Corp. had a return on equity of 11.59% and a net margin of 19.97%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the company earned $1.16 earnings per share. On average, equities research analysts anticipate that State Street Corp. will post $5.09 EPS for the current year.
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In other State Street Corp. news, EVP Jeffrey N. Carp sold 2,926 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $77.38, for a total value of $226,413.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Karen C. Keenan sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 20th. The shares were sold at an average price of $70.57, for a total value of $70,570.00. Following the completion of the sale, the executive vice president now directly owns 48,547 shares of the company’s stock, valued at approximately $3,425,961.79. The disclosure for this sale can be found here. 0.64% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Global X Management Co. LLC boosted its position in shares of State Street Corp. by 203.0% in the third quarter. Global X Management Co. LLC now owns 1,494 shares of the company’s stock valued at $104,000 after buying an additional 1,001 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of State Street Corp. during the second quarter valued at about $113,000. Advisory Services Network LLC boosted its position in shares of State Street Corp. by 4.4% in the second quarter. Advisory Services Network LLC now owns 2,154 shares of the company’s stock valued at $116,000 after buying an additional 90 shares during the last quarter. New York Life Trust Co. bought a new position in shares of State Street Corp. during the third quarter valued at about $119,000. Finally, Rockefeller Financial Services Inc. boosted its position in shares of State Street Corp. by 86.3% in the second quarter. Rockefeller Financial Services Inc. now owns 2,235 shares of the company’s stock valued at $121,000 after buying an additional 1,035 shares during the last quarter. 85.27% of the stock is owned by hedge funds and other institutional investors.
State Street Corp. Company Profile
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.
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