State Street Corporation $STT Stock: Letko Brosseau & Associates Inc. Cuts Stake

Letko Brosseau & Associates Inc. decreased its position in shares of State Street Corporation (NYSE:STT) by 4.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 501,041 shares of the asset manager’s stock after selling 24,605 shares during the quarter. Letko Brosseau & Associates Inc. owned approximately 0.18% of State Street worth $87,477,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its holdings in State Street by 22.0% during the third quarter. Russell Investments Group Ltd. now owns 616,465 shares of the asset manager’s stock valued at $107,716,000 after purchasing an additional 111,079 shares during the last quarter. Eurizon Capital SGR S.p.A. increased its stake in shares of State Street by 9.3% in the third quarter. Eurizon Capital SGR S.p.A. now owns 59,980 shares of the asset manager’s stock worth $10,439,000 after purchasing an additional 5,119 shares in the last quarter. Maryland State Retirement & Pension System increased its stake in shares of State Street by 14.6% in the third quarter. Maryland State Retirement & Pension System now owns 16,131 shares of the asset manager’s stock worth $2,816,000 after purchasing an additional 2,055 shares in the last quarter. Ritholtz Wealth Management increased its stake in shares of State Street by 10.1% in the third quarter. Ritholtz Wealth Management now owns 12,677 shares of the asset manager’s stock worth $2,213,000 after purchasing an additional 1,167 shares in the last quarter. Finally, Jacobi Capital Management LLC increased its stake in shares of State Street by 1.2% in the third quarter. Jacobi Capital Management LLC now owns 14,713 shares of the asset manager’s stock worth $2,569,000 after purchasing an additional 179 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

STT has been the topic of several research reports. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 18th. BMO Capital Markets cut their price objective on shares of State Street from $200.00 to $185.00 and set an “outperform” rating for the company in a report on Monday, October 19th. DA Davidson reduced their price objective on shares of State Street from $200.00 to $191.00 and set a “buy” rating for the company in a research note on Thursday, October 15th. Capital One Financial set a $200.00 target price on shares of State Street in a report on Tuesday, October 6th. Finally, Bank of America dropped their target price on State Street from $197.00 to $186.00 in a research report on Monday, October 5th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $193.97.

State Street Stock Down 0.3%

Shares of NYSE STT 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 company has a market cap of $47.25 billion, a P/E ratio of 13.24, a P/E/G ratio of 0.81 and a beta of 1.38. State Street Corporation has a 52 week low of $111.63 and a 52 week high of $195.93. The business has a 50-day simple moving average of $176.45 and a two-hundred day simple moving average of $160.58.

State Street (NYSE:STT) last announced its quarterly earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.68 by $0.01. State Street had a return on equity of 16.11% and a net margin of 15.81%. The firm had revenue of $4 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the prior year, the business posted $2.78 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. Research analysts anticipate that State Street Corporation will post 13.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Hanley Ronald P. O sold 14,554 shares of the company’s 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 sale, the chief executive officer owned 215,905 shares of the company’s stock, valued at approximately $35,537,963. This represents a 6.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 7,099 shares of the 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 completion of the sale, the executive vice president owned 42,695 shares in the company, valued at $7,199,657.85. This 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. 0.27% of the stock is currently owned by company insiders.

State Street Profile

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.