State Street (STT) Trading Down 7.3%

State Street Corp (NYSE:STT) fell 7.3% during mid-day trading on Tuesday . The stock traded as low as $67.55 and last traded at $67.81. 3,979,972 shares were traded during mid-day trading, an increase of 77% from the average session volume of 2,245,733 shares. The stock had previously closed at $73.15.

Several brokerages recently issued reports on STT. ValuEngine raised State Street from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 4th. Wolfe Research began coverage on State Street in a research note on Tuesday, September 25th. They issued a “market perform” rating for the company. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $109.00 to $115.00 in a research note on Tuesday, September 4th. UBS Group increased their price objective on State Street from $96.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, October 8th. Finally, Deutsche Bank increased their price objective on State Street from $98.00 to $99.00 and gave the stock a “buy” rating in a research note on Thursday, September 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $102.47.

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 $27.71 billion, a price-to-earnings ratio of 11.38, a PEG ratio of 1.07 and a beta of 1.35.

State Street (NYSE:STT) last issued its earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing the 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 firm had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same period in the previous year, the company earned $1.71 earnings per share. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities research analysts predict that State Street Corp will post 7.43 EPS for the current year.

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

Hedge funds and other institutional investors have recently modified their holdings of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of State Street during the 2nd quarter valued at about $109,000. CI Investments Inc. acquired a new position in shares of State Street during the 3rd quarter valued at about $101,000. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of State Street by 1,855.1% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,349 shares of the asset manager’s stock valued at $113,000 after acquiring an additional 1,280 shares during the last quarter. Advisors Asset Management Inc. acquired a new stake in State Street in the 3rd quarter valued at approximately $114,000. Finally, Sageworth Trust Co grew its holdings in State Street by 1,151.7% in the 3rd quarter. Sageworth Trust Co now owns 1,815 shares of the asset manager’s stock valued at $152,000 after buying an additional 1,670 shares during the last quarter. 87.22% of the stock is currently owned by institutional investors and hedge funds.

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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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