State Street (STT) Reaches New 52-Week Low on Analyst Downgrade

State Street Corp (NYSE:STT)’s share price reached a new 52-week low on Thursday after Credit Suisse Group lowered their price target on the stock from $88.00 to $80.00. Credit Suisse Group currently has a neutral rating on the stock. State Street traded as low as $63.40 and last traded at $64.34, with a volume of 264964 shares changing hands. The stock had previously closed at $67.81.

Several other equities research analysts also recently issued reports on STT. Zacks Investment Research downgraded State Street from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Wells Fargo & Co cut their price target on State Street from $92.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday. ValuEngine downgraded State Street from a “sell” rating to a “strong sell” rating in a report on Friday, October 19th. Wolfe Research assumed coverage on State Street in a report on Tuesday, September 25th. They set a “market perform” rating for the company. Finally, UBS Group raised their price target on State Street from $96.00 to $98.00 and gave the company a “buy” rating in a report on Monday, October 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $100.40.

In other news, Director Saint-Aignan Patrick De bought 500 shares of the company’s stock in a transaction dated Tuesday, October 23rd. The stock was bought at an average price of $68.62 per share, with a total value of $34,310.00. Following the completion of the acquisition, the director now owns 25,138 shares of the company’s stock, valued at $1,724,969.56. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Louis D. Maiuri bought 740 shares of the company’s stock in a transaction dated Wednesday, October 24th. The shares were purchased at an average cost of $67.60 per share, with a total value of $50,024.00. Following the acquisition, the executive vice president now directly owns 45,314 shares of the company’s stock, valued at approximately $3,063,226.40. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Strategic Wealth Partners Ltd. increased its position in shares of State Street by 1,038.7% in the third quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock worth $30,000 after purchasing an additional 322 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in shares of State Street in the second quarter worth $109,000. CI Investments Inc. bought a new position in shares of State Street in the third quarter worth $101,000. Patriot Financial Group Insurance Agency LLC increased its position in shares of State Street by 1,855.1% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,349 shares of the asset manager’s stock worth $113,000 after purchasing an additional 1,280 shares during the period. Finally, Advisors Asset Management Inc. bought a new position in shares of State Street in the third quarter worth $114,000. 87.22% of the stock is owned by institutional investors.

The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $25.01 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 0.97 and a beta of 1.35.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, October 19th. The asset manager reported $1.87 EPS for the quarter, missing the Zacks’ consensus estimate of $1.89 by ($0.02). State Street had a return on equity of 14.99% and a net margin of 19.90%. The company had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the previous year, the business posted $1.71 EPS. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities analysts forecast that State Street Corp will post 7.39 earnings per share for the current fiscal year.

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About State Street (NYSE:STT)

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company 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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