State Street Corporation $STT Stock Holdings Cut by Private Management Group Inc.

Private Management Group Inc. reduced its holdings in State Street Corporation (NYSE:STT) by 17.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 271,340 shares of the asset manager’s stock after selling 56,244 shares during the quarter. State Street comprises 1.2% of Private Management Group Inc.’s portfolio, making the stock its 8th biggest holding. Private Management Group Inc.’s holdings in State Street were worth $47,373,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in STT. Envestnet Asset Management Inc. lifted its holdings in shares of State Street by 4.7% during the second quarter. Envestnet Asset Management Inc. now owns 426,809 shares of the asset manager’s stock worth $72,387,000 after buying an additional 19,035 shares during the last quarter. Illinois Municipal Retirement Fund boosted its position in shares of State Street by 18.3% in the first quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after acquiring an additional 13,245 shares during the period. Compass Financial Management LLC acquired a new stake in shares of State Street in the second quarter worth $1,424,000. Core Capital Management & Research inc. acquired a new stake in shares of State Street in the second quarter worth $749,000. Finally, State Street Corp increased its position in State Street by 1.2% during the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock worth $2,296,098,000 after acquiring an additional 163,362 shares during the period. 87.44% of the stock is currently owned by institutional investors.

State Street Price Performance

Shares of STT stock opened at $171.09 on Tuesday. The stock has a 50 day moving average of $177.43 and a two-hundred day moving average of $159.89. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.02. State Street Corporation has a 12 month low of $111.63 and a 12 month high of $195.93. The company has a market capitalization of $46.55 billion, a P/E ratio of 13.97, a P/E/G ratio of 0.80 and a beta of 1.38.

State Street (NYSE:STT) last announced its quarterly earnings data on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.68 by $0.01. The company had revenue of $4 billion for the quarter, compared to analyst estimates of $4.03 billion. State Street had a return on equity of 16.11% and a net margin of 15.81%. State Street’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.78 EPS. As a group, equities analysts expect that State Street Corporation will post 13.78 EPS for the current year.

Insiders Place Their Bets

In other State Street news, CEO Hanley Ronald P. O sold 14,554 shares of State Street stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total transaction of $2,395,588.40. Following the sale, the chief executive officer owned 215,905 shares in the company, valued at $35,537,963. The trade was a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 7,099 shares of the business’s stock in a transaction on Monday, October 26th. The shares were sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the completion of the sale, the executive vice president directly owned 42,695 shares in the company, valued at $7,199,657.85. This trade represents a 14.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of several research analyst reports. Citigroup cut their target price on shares of State Street from $212.00 to $190.00 and set a “buy” rating for the company in a research note on Friday, October 16th. Seaport Research Partners increased their price target on shares of State Street from $209.00 to $214.00 and gave the company a “buy” rating in a report on Friday, July 17th. DA Davidson decreased their price target on shares of State Street from $200.00 to $191.00 and set a “buy” rating on the stock in a research report on Thursday, October 15th. TD Cowen initiated coverage on shares of State Street in a report on Thursday, October 8th. They set a “buy” rating and a $205.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of State Street from $187.50 to $192.50 and gave the stock a “neutral” rating in a report on Friday, October 30th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $193.97.

About State Street

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792 as Union Bank, it has a long history serving institutional clients and is among the oldest financial institutions in the United States.

The company provides investment servicing, including custody, fund administration, accounting, and related middle- and back-office services. Its clients include asset managers, pension funds, insurers, and other financial institutions.

Through State Street Investment Management, the company also offers investment management services and investment products, including the SPDR family of exchange-traded funds.