Metis Global Partners LLC Reduces Stake in State Street Corporation $STT

Metis Global Partners LLC reduced its stake in shares of State Street Corporation (NYSE:STT) by 6.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,266 shares of the asset manager’s stock after selling 938 shares during the period. Metis Global Partners LLC’s holdings in State Street were worth $1,517,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Capital Analysts LLC lifted its stake in State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of State Street during the 1st quarter valued at $46,000. CVA Family Office LLC grew its stake in shares of State Street by 45.8% during the 2nd quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock worth $60,000 after acquiring an additional 176 shares during the period. Finally, WPG Advisers LLC bought a new position in shares of State Street during the 1st quarter worth $77,000. Institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Evercore ISI boosted their price target on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Finally, The Goldman Sachs Group boosted their target price on shares of State Street from $109.00 to $130.00 and gave the company a “buy” rating in a report on Monday, October 6th. 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $125.92.

State Street Stock Performance

State Street stock opened at $119.75 on Tuesday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $120.40. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $33.45 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. The firm’s 50 day simple moving average is $114.64 and its 200 day simple moving average is $107.48.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, beating the consensus estimate of $2.57 by $0.21. The firm 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%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm earned $2.26 EPS. As a group, analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

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, 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.