Morgan Stanley upgraded shares of State Street (NYSE:STT) from an equal weight rating to an overweight rating in a research note issued to investors on Monday morning, The Fly reports.

A number of other analysts have also issued reports on STT. Zacks Investment Research lowered shares of State Street from a buy rating to a hold rating in a research note on Monday, May 28th. Deutsche Bank lowered their price objective on shares of State Street from $116.00 to $115.00 and set a buy rating for the company in a research note on Friday, June 29th. ValuEngine lowered shares of State Street from a hold rating to a sell rating in a research note on Monday, July 2nd. Sandler O’Neill reaffirmed a hold rating on shares of State Street in a research note on Friday, July 13th. Finally, Royal Bank of Canada reaffirmed a hold rating and issued a $105.00 price objective on shares of State Street in a research note on Friday, July 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. State Street presently has an average rating of Hold and an average target price of $105.71.

Shares of STT opened at $86.40 on Monday. The firm has a market cap of $31.78 billion, a PE ratio of 14.61, a P/E/G ratio of 1.04 and a beta of 1.19. State Street has a 12-month low of $82.43 and a 12-month high of $114.27. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.54.

State Street (NYSE:STT) last issued its earnings results on Friday, July 20th. The asset manager reported $1.88 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.01 by ($0.13). The company had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $3.05 billion. State Street had a net margin of 19.56% and a return on equity of 14.98%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.67 earnings per share. analysts predict that State Street will post 7.66 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be paid a $0.47 dividend. The ex-dividend date is Friday, September 28th. This is a positive change from State Street’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a yield of 2.18%. State Street’s dividend payout ratio is 28.19%.

In related news, CEO Joseph L. Hooley sold 25,000 shares of the company’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $83.01, for a total value of $2,075,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeff D. Conway sold 343 shares of the company’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $83.16, for a total transaction of $28,523.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,954 shares of company stock valued at $2,237,777. 0.40% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the business. Moneta Group Investment Advisors LLC raised its holdings in State Street by 3,604.1% in the second quarter. Moneta Group Investment Advisors LLC now owns 29,633 shares of the asset manager’s stock worth $103,000 after purchasing an additional 28,833 shares in the last quarter. Motco raised its holdings in State Street by 246.8% in the first quarter. Motco now owns 1,068 shares of the asset manager’s stock worth $107,000 after purchasing an additional 760 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in State Street in the second quarter worth about $109,000. Delta Asset Management LLC TN bought a new position in State Street in the second quarter worth about $142,000. Finally, Adviser Investments LLC bought a new position in State Street in the first quarter worth about $145,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

About State Street

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.

See Also: Price to Earnings Ratio (PE), For Valuing Stocks

The Fly

Analyst Recommendations for State Street (NYSE:STT)

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