State Street (STT) Sets New 12-Month Low at $79.66

State Street Corp (NYSE:STT) shares reached a new 52-week low on Thursday . The stock traded as low as $79.66 and last traded at $79.64, with a volume of 96901 shares traded. The stock had previously closed at $82.15.

Several research firms recently weighed in on STT. Morgan Stanley dropped their price objective on shares of State Street from $117.00 to $113.00 and set an “equal weight” rating for the company in a research report on Monday, July 2nd. Jefferies Financial Group restated a “hold” rating and issued a $91.00 price objective on shares of State Street in a research report on Tuesday, July 24th. ValuEngine cut shares of State Street from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Keefe, Bruyette & Woods restated a “market perform” rating on shares of State Street in a research report on Friday, August 3rd. Finally, Credit Suisse Group dropped their price objective on shares of State Street from $110.00 to $103.00 and set a “$87.02” rating for the company in a research report on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. State Street has a consensus rating of “Hold” and an average target price of $105.07.

The stock has a market cap of $30.65 billion, a P/E ratio of 13.60, a price-to-earnings-growth ratio of 1.00 and a beta of 1.22. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.52 and a current ratio of 0.52.

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

In other State Street news, EVP George E. Sullivan sold 1,611 shares of the company’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $83.18, for a total transaction of $134,002.98. Following the completion of the sale, the executive vice president now owns 58,847 shares in the company, valued at approximately $4,894,893.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $83.01, for a total transaction of $2,075,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 26,954 shares of company stock valued at $2,237,777 in the last quarter. Corporate insiders own 0.40% of the company’s stock.

Several hedge funds have recently made changes to their positions in STT. Moneta Group Investment Advisors LLC grew its holdings in shares of State Street by 3,604.1% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 29,633 shares of the asset manager’s stock valued at $103,000 after buying an additional 28,833 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of State Street in the 2nd quarter valued at $109,000. Delta Asset Management LLC TN acquired a new position in shares of State Street in the 2nd quarter valued at $142,000. Summit Trail Advisors LLC grew its holdings in shares of State Street by 10,090.2% in the 1st quarter. Summit Trail Advisors LLC now owns 171,094 shares of the asset manager’s stock valued at $171,000 after buying an additional 169,415 shares during the period. Finally, Private Capital Group LLC grew its holdings in shares of State Street by 2,270.9% in the 1st quarter. Private Capital Group LLC now owns 1,873 shares of the asset manager’s stock valued at $188,000 after buying an additional 1,794 shares during the period. 86.73% of the stock is owned by institutional investors.

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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