Sumitomo Mitsui Trust Group Inc. Decreases Stock Position in State Street Corporation $STT

Sumitomo Mitsui Trust Group Inc. lessened its stake in State Street Corporation (NYSE:STT) by 6.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 698,288 shares of the asset manager’s stock after selling 51,597 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of State Street worth $74,256,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Invesco Ltd. increased its stake in shares of State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after purchasing an additional 674,120 shares in the last quarter. Northern Trust Corp boosted its holdings in State Street by 2.8% in the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock worth $381,770,000 after buying an additional 115,751 shares during the period. Dimensional Fund Advisors LP lifted its stake in State Street by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after purchasing an additional 14,011 shares in the last quarter. Eastern Bank lifted its stake in State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after purchasing an additional 2,947,153 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in State Street by 1.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager’s stock worth $242,932,000 after purchasing an additional 49,353 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the topic of several recent research reports. Bank of America upped their target price on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. The Goldman Sachs Group raised their target price on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Citigroup raised their target price on shares of State Street from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Evercore ISI increased their price objective on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $125.92.

State Street Price Performance

Shares of STT opened at $116.08 on Monday. The company has a market cap of $32.93 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.23 and a beta of 1.46. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $118.24. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The company has a 50 day moving average of $113.92 and a two-hundred day moving average of $104.59.

State Street (NYSE:STT) last announced its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. The company had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. State Street’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm earned $2.26 earnings per share. As a group, analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Profile

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, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.