State Street (NYSE:STT) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of State Street (NYSE:STT) from a hold rating to a sell rating in a report published on Saturday morning.

STT has been the topic of a number of other reports. Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Truist Financial decreased their price target on shares of State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. Citigroup boosted their price objective on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. The Goldman Sachs Group increased their target price on shares of State Street from $109.00 to $130.00 and gave the company a “buy” rating in a report on Monday, October 6th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $168.00 target price on shares of State Street in a research report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $130.27.

State Street Stock Performance

NYSE STT opened at $132.93 on Friday. State Street has a 52-week low of $72.81 and a 52-week high of $134.67. The company has a fifty day moving average of $122.37 and a 200-day moving average of $115.47. The company has a market capitalization of $37.13 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.06 and a beta of 1.43. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.59 and a current ratio of 0.59.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter last year, the business posted $2.26 earnings per share. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, equities research analysts predict that State Street will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 12th. Shareholders of record on Friday, January 2nd will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $3.36 annualized dividend and a yield of 2.5%. State Street’s dividend payout ratio is presently 35.56%.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the transaction, the executive vice president owned 38,626 shares in the company, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of STT. Regents of The University of California bought a new stake in shares of State Street in the 3rd quarter worth approximately $324,576,000. Norges Bank purchased a new stake in State Street in the second quarter worth $256,367,000. Two Sigma Investments LP boosted its holdings in State Street by 261.0% in the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after acquiring an additional 880,507 shares in the last quarter. First Trust Advisors LP boosted its holdings in State Street by 36.8% in the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after acquiring an additional 738,456 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new position in State Street during the 3rd quarter valued at $62,092,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.