Heritage Trust Co decreased its stake in State Street Corporation (NYSE:STT) by 23.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,632 shares of the asset manager’s stock after selling 1,980 shares during the quarter. Heritage Trust Co’s holdings in State Street were worth $634,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in State Street by 1.9% in the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock worth $2,155,556,000 after purchasing an additional 448,658 shares in the last quarter. FMR LLC boosted its stake in State Street by 10.8% in the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock worth $1,793,591,000 after purchasing an additional 1,940,536 shares in the last quarter. Longview Partners Guernsey LTD boosted its stake in State Street by 6.5% in the third quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock worth $770,313,000 after purchasing an additional 493,244 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in State Street by 44.8% in the third quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock worth $427,133,000 after purchasing an additional 1,383,249 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in State Street by 0.3% in the third quarter. Bank of New York Mellon Corp now owns 4,349,477 shares of the asset manager’s stock worth $415,547,000 after purchasing an additional 13,453 shares in the last quarter. 88.10% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on the company. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Citigroup reissued a “neutral” rating and issued a $102.00 price objective (up previously from $88.00) on shares of State Street in a research note on Monday, October 9th. Royal Bank Of Canada reduced their price objective on State Street from $104.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 24th. Morgan Stanley boosted their target price on State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 24th. Finally, Wells Fargo & Company assumed coverage on State Street in a research report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 target price for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. State Street currently has an average rating of “Hold” and a consensus price target of $96.47.
State Street Corporation (NYSE STT) traded down $0.27 during mid-day trading on Wednesday, hitting $96.83. The stock had a trading volume of 2,376,700 shares, compared to its average volume of 1,972,006. The company has a market capitalization of $36,008.24, a P/E ratio of 16.00, a P/E/G ratio of 1.66 and a beta of 1.35. State Street Corporation has a 12 month low of $74.45 and a 12 month high of $99.99. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61.
State Street (NYSE:STT) last released its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.10. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. State Street had a return on equity of 13.03% and a net margin of 20.56%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.35 earnings per share. analysts predict that State Street Corporation will post 6.25 EPS for the current year.
In related news, Chairman Joseph L. Hooley sold 25,000 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total value of $2,315,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total value of $296,448.00. The disclosure for this sale can be found here. Insiders sold 28,724 shares of company stock valued at $2,659,741 in the last quarter. 0.71% of the stock is currently owned by corporate insiders.
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State Street Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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