State Street (NYSE:STT) Lowered to “Underweight” at Morgan Stanley

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.



State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. State Street had a net margin of 18.77% and a return on equity of 13.44%. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the company posted $1.62 earnings per share. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, research analysts predict that State Street will post 5.94 earnings per share for the current fiscal year.

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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Analyst Recommendations for State Street (NYSE:STT)

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