Renaissance Group LLC lowered its position in State Street Corporation (NYSE:STT) by 8.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,460 shares of the asset manager’s stock after selling 2,432 shares during the period. Renaissance Group LLC’s holdings in State Street were worth $2,528,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently made changes to their positions in the company. Parallel Advisors LLC increased its position in shares of State Street by 18.0% during the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock worth $105,000 after purchasing an additional 172 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in shares of State Street during the second quarter worth approximately $107,000. Bronfman E.L. Rothschild L.P. increased its position in shares of State Street by 15.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after purchasing an additional 168 shares in the last quarter. Harbour Capital Advisors LLC increased its position in shares of State Street by 8,873.2% during the second quarter. Harbour Capital Advisors LLC now owns 16,421 shares of the asset manager’s stock worth $183,000 after purchasing an additional 16,238 shares in the last quarter. Finally, Eagle Asset Management Inc. purchased a new stake in shares of State Street during the second quarter worth approximately $200,000. 88.10% of the stock is owned by institutional investors.
Several analysts recently commented on STT shares. Wells Fargo & Company assumed coverage on State Street in a research report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price target for the company. Zacks Investment Research upgraded State Street from a “hold” rating to a “buy” rating and set a $103.00 target price for the company in a report on Tuesday, August 22nd. Keefe, Bruyette & Woods set a $93.00 target price on State Street and gave the company a “hold” rating in a report on Monday, August 28th. Jefferies Group restated a “hold” rating and issued a $100.00 target price on shares of State Street in a report on Friday, September 15th. Finally, Citigroup restated a “neutral” rating and issued a $102.00 target price (up from $88.00) on shares of State Street in a report on Monday, October 9th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $96.47.
State Street Corporation (NYSE:STT) traded up $0.40 during mid-day trading on Thursday, reaching $96.92. The company’s stock had a trading volume of 1,534,989 shares, compared to its average volume of 1,967,670. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. The firm has a market cap of $35,908.12, a price-to-earnings ratio of 15.95, a P/E/G ratio of 1.65 and a beta of 1.35. State Street Corporation has a 52 week low of $74.45 and a 52 week high of $99.99.
State Street (NYSE:STT) last posted its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.10. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.94 billion. State Street had a return on equity of 13.03% and a net margin of 20.56%. State Street’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.35 EPS. equities analysts anticipate that State Street Corporation will post 6.25 earnings per share for the current fiscal year.
In related news, insider Hannah M. Grove sold 3,200 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total transaction of $296,448.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $92.00, for a total value of $32,568.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,724 shares of company stock worth $2,659,741 in the last three months. Corporate insiders own 0.71% of the company’s stock.
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State Street Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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