State Street Corporation $STT Stock Position Reduced by ProShare Advisors LLC

ProShare Advisors LLC lessened its stake in State Street Corporation (NYSE:STT) by 7.3% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 77,526 shares of the asset manager’s stock after selling 6,096 shares during the quarter. ProShare Advisors LLC’s holdings in State Street were worth $8,244,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Acadian Asset Management LLC increased its stake in shares of State Street by 54.4% in the second quarter. Acadian Asset Management LLC now owns 268,270 shares of the asset manager’s stock worth $28,526,000 after acquiring an additional 94,544 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in State Street in the second quarter valued at about $686,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in State Street by 3.0% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 545,633 shares of the asset manager’s stock worth $58,023,000 after purchasing an additional 15,984 shares during the last quarter. Parkside Financial Bank & Trust increased its position in State Street by 9.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 4,728 shares of the asset manager’s stock worth $503,000 after purchasing an additional 414 shares during the last quarter. Finally, Aviva PLC raised its stake in shares of State Street by 4.4% during the 2nd quarter. Aviva PLC now owns 216,476 shares of the asset manager’s stock worth $23,020,000 after purchasing an additional 9,177 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Up 1.4%

STT stock opened at $121.14 on Thursday. The stock has a market capitalization of $33.84 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. The company has a 50-day moving average of $114.93 and a two-hundred day moving average of $107.80. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $122.69. 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 posted its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.21. The business had revenue of $13 billion during the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.26 EPS. As a group, equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

Wall Street Analysts Forecast Growth

STT has been the subject of several recent research reports. TD Cowen initiated coverage on State Street in a research note on Thursday, September 25th. They issued a “buy” rating for the company. Citigroup boosted 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, October 24th. BMO Capital Markets began coverage on shares of State Street in a research note on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target on the stock. Evercore ISI lifted 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. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, State Street has an average rating of “Moderate Buy” and an average target price of $125.92.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, October 27th. The shares were 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. This represents a 3.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.29% of the company’s stock.

State Street Company 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.