State Street Corp (NYSE:STT) Given Average Recommendation of “Hold” by Brokerages

Shares of State Street Corp (NYSE:STT) have been assigned an average recommendation of “Hold” from the eighteen ratings firms that are presently covering the company, Marketbeat reports. Four research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $67.95.

A number of analysts have recently issued reports on the stock. Morgan Stanley raised their price target on shares of State Street from $55.00 to $58.00 and gave the company an “underweight” rating in a report on Tuesday. Buckingham Research dropped their price target on shares of State Street from $83.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, June 12th. Raymond James raised their price target on shares of State Street from $68.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, July 22nd. Zacks Investment Research downgraded shares of State Street from a “hold” rating to a “sell” rating and set a $59.00 price target on the stock. in a report on Tuesday, June 4th. Finally, Royal Bank of Canada dropped their price target on shares of State Street from $80.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, June 19th.

In other State Street news, CEO Hanley Ronald P. O acquired 7,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were purchased at an average price of $50.43 per share, for a total transaction of $353,010.00. Following the purchase, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at $6,416,461.05. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Saint-Aignan Patrick De acquired 500 shares of the stock in a transaction dated Monday, July 22nd. The stock was acquired at an average price of $58.85 per share, for a total transaction of $29,425.00. Following the purchase, the director now directly owns 28,793 shares in the company, valued at $1,694,468.05. The disclosure for this purchase can be found here. Insiders bought a total of 11,000 shares of company stock worth $577,375 in the last quarter. Company insiders own 0.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in State Street by 7.0% during the 2nd quarter. BlackRock Inc. now owns 30,035,664 shares of the asset manager’s stock worth $1,683,799,000 after acquiring an additional 1,975,332 shares during the period. Longview Partners Guernsey LTD raised its stake in State Street by 34.2% during the 2nd quarter. Longview Partners Guernsey LTD now owns 20,398,955 shares of the asset manager’s stock worth $1,143,565,000 after acquiring an additional 5,203,360 shares during the period. Price T Rowe Associates Inc. MD raised its stake in State Street by 24.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,962,313 shares of the asset manager’s stock worth $670,607,000 after acquiring an additional 2,323,171 shares during the period. Geode Capital Management LLC raised its stake in State Street by 14.5% during the 4th quarter. Geode Capital Management LLC now owns 4,748,395 shares of the asset manager’s stock worth $298,936,000 after acquiring an additional 600,360 shares during the period. Finally, Yacktman Asset Management LP raised its stake in State Street by 1.0% during the 2nd quarter. Yacktman Asset Management LP now owns 2,636,045 shares of the asset manager’s stock worth $147,777,000 after acquiring an additional 26,230 shares during the period. Institutional investors own 89.81% of the company’s stock.

STT stock traded up $0.62 during trading on Thursday, hitting $61.10. 545,751 shares of the stock traded hands, compared to its average volume of 2,995,895. State Street has a 1 year low of $48.62 and a 1 year high of $90.20. The firm’s 50 day moving average is $53.37 and its two-hundred day moving average is $60.24. The stock has a market cap of $22.54 billion, a price-to-earnings ratio of 8.46, a price-to-earnings-growth ratio of 0.99 and a beta of 1.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.48 and a quick ratio of 0.48.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, July 19th. The asset manager reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.05. The firm had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.86 billion. State Street had a net margin of 17.66% and a return on equity of 12.13%. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.05 EPS. As a group, analysts anticipate that State Street will post 5.73 EPS for the current fiscal year.

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.

See Also: What is the float in trading stocks?

Analyst Recommendations for State Street (NYSE:STT)

Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.