Thoroughbred Financial Services LLC Sells 849 Shares of State Street Corporation $STT

Thoroughbred Financial Services LLC lowered its position in shares of State Street Corporation (NYSE:STT) by 29.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,075 shares of the asset manager’s stock after selling 849 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in State Street were worth $220,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Eastern Bank lifted its stake in shares of State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after buying an additional 2,947,153 shares in the last quarter. Nuveen LLC bought a new stake in State Street during the first quarter valued at about $93,016,000. Invesco Ltd. raised its holdings in State Street by 9.0% during the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after acquiring an additional 674,120 shares during the period. Allianz Asset Management GmbH lifted its position in shares of State Street by 404.7% in the first quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock valued at $52,469,000 after acquiring an additional 469,936 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its stake in shares of State Street by 5,058.7% in the first quarter. Panagora Asset Management Inc. now owns 465,673 shares of the asset manager’s stock worth $41,692,000 after acquiring an additional 456,646 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on 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 sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

State Street Trading Up 0.4%

STT stock opened at $113.30 on Wednesday. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $122.69. The firm’s 50-day moving average is $115.14 and its 200 day moving average is $108.68. The company has a market capitalization of $31.65 billion, a PE ratio of 11.99, a P/E/G ratio of 1.24 and a beta of 1.47. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57.

State Street (NYSE:STT) last issued its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the prior year, the firm earned $2.26 EPS. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, research analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on STT shares. Evercore ISI boosted their price target on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. 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 report on Monday, October 20th. Cowen reissued a “buy” rating on shares of State Street in a report on Tuesday, October 21st. Wells Fargo & Company raised their target price on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Finally, Morgan Stanley lifted their price target on shares of State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $125.92.

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.