Sandy Spring Bank lowered its holdings in State Street Corp (NYSE:STT) by 2.6% in the second quarter, Holdings Channel.com reports. The fund owned 62,398 shares of the asset manager’s stock after selling 1,671 shares during the quarter. Sandy Spring Bank’s holdings in State Street were worth $3,498,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in STT. Guinness Asset Management Ltd raised its stake in shares of State Street by 5.4% during the 1st quarter. Guinness Asset Management Ltd now owns 3,910 shares of the asset manager’s stock worth $257,000 after buying an additional 200 shares during the last quarter. Norinchukin Bank The raised its stake in shares of State Street by 0.7% during the 1st quarter. Norinchukin Bank The now owns 29,898 shares of the asset manager’s stock worth $1,968,000 after buying an additional 200 shares during the last quarter. Resources Investment Advisors Inc. raised its stake in shares of State Street by 28.7% during the 1st quarter. Resources Investment Advisors Inc. now owns 919 shares of the asset manager’s stock worth $60,000 after buying an additional 205 shares during the last quarter. McGuire Investment Group LLC raised its stake in shares of State Street by 0.8% during the 2nd quarter. McGuire Investment Group LLC now owns 27,353 shares of the asset manager’s stock worth $1,533,000 after buying an additional 212 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of State Street by 0.6% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 40,225 shares of the asset manager’s stock worth $2,255,000 after buying an additional 236 shares during the last quarter. 89.41% of the stock is owned by institutional investors.
STT traded down $1.74 during midday trading on Wednesday, hitting $49.83. The company’s stock had a trading volume of 896,364 shares, compared to its average volume of 2,937,532. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $19.73 billion, a price-to-earnings ratio of 6.90, a P/E/G ratio of 0.86 and a beta of 1.43. The firm has a 50-day simple moving average of $56.20. State Street Corp has a 52-week low of $51.05 and a 52-week high of $90.20.
State Street (NYSE:STT) last posted its quarterly earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, beating the consensus estimate of $1.40 by $0.05. The company had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a return on equity of 12.13% and a net margin of 17.66%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.05 EPS. On average, sell-side analysts forecast that State Street Corp will post 5.8 earnings per share for the current fiscal year.
Several research analysts have recently issued reports on the company. Morgan Stanley downgraded State Street from an “overweight” rating to an “underweight” rating and cut their price target for the stock from $69.00 to $55.00 in a research note on Monday, July 8th. ValuEngine downgraded shares of State Street from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Bank of America reissued a “buy” rating and issued a $65.00 target price (down previously from $75.00) on shares of State Street in a research note on Thursday, June 6th. UBS Group boosted their target price on shares of State Street from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Monday, July 8th. Finally, Buckingham Research cut their target price on shares of State Street from $83.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $68.42.
In other State Street news, Director Saint-Aignan Patrick De purchased 1,500 shares of the stock in a transaction on Thursday, August 1st. The stock was bought at an average price of $57.75 per share, for a total transaction of $86,625.00. Following the acquisition, the director now directly owns 29,293 shares of the company’s stock, valued at $1,691,670.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 3,500 shares of company stock valued at $199,745 in the last 90 days. 0.40% of the stock is owned by company insiders.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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