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Guggenheim Downgrades State Street to “Neutral” on a Valuation Call (STT)
Guggenheim Partners on Tuesday downgraded financial services company, State Street Corporation (STT
).
The firm lowered their rating for STT from a “Buy” to “Neutral,” and gave the stock a $63 price target. This price target suggests a 10% increase from the stock’s current price of $56.28.
Analysts have downgraded the company based on a valuation call, since the stock has seen a 32% gain since mid-October.
State Street shares were up 32 cents, or 0.59% during Tuesday morning trading. The stock has increased 32% in the past year.
The Bottom Line
Shares of STT currently offer a 1.71% dividend yield, based on Tuesday morning’s price of $56.12 and the company’s annualized dividend payout of 96 cents per share.
State Street Corporation(STT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
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