Smithfield Trust Co. decreased its stake in State Street Corp (NYSE:STT) by 32.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,017 shares of the asset manager’s stock after selling 1,473 shares during the period. Smithfield Trust Co.’s holdings in State Street were worth $253,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. Equity Investment Corp boosted its stake in shares of State Street by 30.9% in the 3rd quarter. Equity Investment Corp now owns 4,360 shares of the asset manager’s stock valued at $365,000 after purchasing an additional 1,030 shares in the last quarter. Becker Capital Management Inc. boosted its stake in shares of State Street by 0.8% in the 3rd quarter. Becker Capital Management Inc. now owns 605,116 shares of the asset manager’s stock valued at $50,697,000 after purchasing an additional 4,624 shares in the last quarter. Nichols & Pratt Advisers LLP MA boosted its stake in shares of State Street by 0.7% in the 3rd quarter. Nichols & Pratt Advisers LLP MA now owns 219,501 shares of the asset manager’s stock valued at $18,400,000 after purchasing an additional 1,465 shares in the last quarter. Exencial Wealth Advisors LLC boosted its stake in shares of State Street by 7.6% in the 3rd quarter. Exencial Wealth Advisors LLC now owns 37,698 shares of the asset manager’s stock valued at $3,158,000 after purchasing an additional 2,669 shares in the last quarter. Finally, Gulf International Bank UK Ltd boosted its stake in shares of State Street by 2.2% in the 3rd quarter. Gulf International Bank UK Ltd now owns 120,701 shares of the asset manager’s stock valued at $10,112,000 after purchasing an additional 2,600 shares in the last quarter. 88.04% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP George E. Sullivan sold 1,611 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $83.18, for a total value of $134,002.98. Following the completion of the sale, the executive vice president now directly owns 58,847 shares of the company’s stock, valued at approximately $4,894,893.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Saint-Aignan Patrick De bought 500 shares of the company’s stock in a transaction dated Tuesday, October 23rd. The stock was bought at an average cost of $68.62 per share, with a total value of $34,310.00. Following the completion of the transaction, the director now owns 25,138 shares in the company, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 26,954 shares of company stock valued at $2,237,777. Corporate insiders own 0.40% of the company’s stock.
NYSE:STT opened at $72.25 on Friday. State Street Corp has a 12 month low of $65.81 and a 12 month high of $114.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market capitalization of $28.08 billion, a PE ratio of 10.04, a P/E/G ratio of 1.08 and a beta of 1.34.
State Street (NYSE:STT) last posted its earnings results on Friday, October 19th. The asset manager reported $1.87 EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the prior year, the business posted $1.71 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, research analysts forecast that State Street Corp will post 7.42 earnings per share for the current year.
STT has been the subject of several analyst reports. ValuEngine cut shares of State Street from a “sell” rating to a “strong sell” rating in a research report on Friday, August 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of State Street in a research report on Friday, August 3rd. Barclays dropped their price target on shares of State Street from $120.00 to $110.00 and set a “$87.02” rating for the company in a research report on Monday, July 23rd. Wolfe Research initiated coverage on shares of State Street in a research report on Tuesday, September 25th. They set a “market perform” rating for the company. Finally, Wells Fargo & Co set a $105.00 price target on shares of State Street and gave the company a “buy” rating in a research report on Thursday, August 16th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $103.07.
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.
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