State Street Corporation $STT Stake Reduced by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. reduced its holdings in State Street Corporation (NYSE:STT) by 4.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 501,041 shares of the asset manager’s stock after selling 24,605 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in State Street were worth $87,477,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Philadelphia Investment Partners LLC bought a new stake in shares of State Street during the 2nd quarter valued at about $26,000. Bell Investment Advisors Inc purchased a new position in shares of State Street during the second quarter worth about $28,000. Elevation Wealth Partners LLC grew its holdings in shares of State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Continuum Advisory LLC bought a new position in shares of State Street in the second quarter worth approximately $30,000. Finally, Kelleher Financial Advisors bought a new position in shares of State Street in the second quarter worth approximately $33,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Down 0.3%

Shares of STT stock opened at $173.65 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.02. The business has a 50-day moving average price of $176.45 and a two-hundred day moving average price of $160.58. State Street Corporation has a 12-month low of $111.63 and a 12-month high of $195.93. The firm has a market cap of $47.25 billion, a P/E ratio of 13.24, a price-to-earnings-growth ratio of 0.81 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 EPS for the quarter, beating the consensus estimate of $3.68 by $0.01. The firm 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%. The company’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.78 EPS. Equities analysts anticipate that State Street Corporation will post 13.78 EPS for the current fiscal year.

Insider Buying and Selling

In other State Street news, CEO Hanley Ronald P. O sold 14,554 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 215,905 shares in the company, valued at $35,537,963. This trade represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 7,099 shares of State Street stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on STT shares. The Goldman Sachs Group raised their target price on shares of State Street from $211.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. TD Cowen assumed coverage on shares of State Street in a research note on Thursday, October 8th. They issued a “buy” rating and a $205.00 price target for the company. Citigroup cut their price target 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. Bank of America decreased their price target on shares of State Street from $197.00 to $186.00 in a report on Monday, October 5th. Finally, Wells Fargo & Company raised their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.