Morgan Stanley cut shares of State Street (NYSE:STT) from an overweight rating to an underweight rating in a research report released on Monday, Benzinga reports. Morgan Stanley currently has $55.00 price objective on the asset manager’s stock, down from their previous price objective of $69.00.
STT has been the subject of a number of other research reports. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Raymond James restated a buy rating and set a $18.00 price objective on shares of Cornerstone Progressive Return Fund in a report on Wednesday, June 12th. Buckingham Research decreased their price objective on shares of State Street from $83.00 to $67.00 and set a buy rating for the company in a report on Wednesday, June 12th. Wells Fargo & Co set a $32.00 target price on shares of Farfetch and gave the stock a buy rating in a research note on Wednesday, June 12th. Finally, Royal Bank of Canada reduced their target price on shares of from GBX 845 ($11.04) to GBX 800 ($10.45) and set an outperform rating for the company in a research note on Wednesday, June 19th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $70.52.
NYSE STT opened at $55.04 on Monday. State Street has a 52-week low of $53.53 and a 52-week high of $95.68. The stock’s 50-day moving average is $56.22. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.45 and a quick ratio of 0.45. The stock has a market capitalization of $20.31 billion, a P/E ratio of 7.62, a PEG ratio of 0.86 and a beta of 1.40.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.88 annualized dividend and a dividend yield of 3.42%. State Street’s payout ratio is 26.04%.
In other State Street news, Director Gregory L. Summe bought 3,000 shares of State Street stock in a transaction dated Tuesday, May 7th. The stock was purchased at an average price of $64.50 per share, for a total transaction of $193,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey N. Carp sold 25,000 shares of State Street stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total transaction of $1,580,500.00. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of STT. FMR LLC grew its stake in State Street by 35.9% during the fourth quarter. FMR LLC now owns 18,222,073 shares of the asset manager’s stock valued at $1,149,266,000 after acquiring an additional 4,816,904 shares in the last quarter. Norges Bank purchased a new position in State Street during the fourth quarter valued at approximately $257,096,000. Harris Associates L P grew its stake in State Street by 20.6% during the fourth quarter. Harris Associates L P now owns 8,200,705 shares of the asset manager’s stock valued at $517,219,000 after acquiring an additional 1,400,990 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in State Street by 22.5% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,693,222 shares of the asset manager’s stock valued at $422,141,000 after acquiring an additional 1,229,589 shares in the last quarter. Finally, Lakewood Capital Management LP purchased a new position in State Street during the fourth quarter valued at approximately $63,146,000. 89.56% of the stock is 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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