State Street Corporation $STT Holdings Lessened by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY decreased its holdings in State Street Corporation (NYSE:STT) by 25.6% in the third quarter, Holdings Channel reports. The fund owned 374,541 shares of the asset manager’s stock after selling 128,755 shares during the quarter. State Street makes up 1.8% of Miller Howard Investments Inc. NY’s holdings, making the stock its 14th biggest holding. Miller Howard Investments Inc. NY’s holdings in State Street were worth $65,391,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. purchased a new position in State Street in the second quarter worth about $4,139,389,000. Legal & General Group Plc purchased a new stake in State Street during the second quarter valued at approximately $330,849,000. Bank of New York Mellon Corp purchased a new stake in State Street during the second quarter valued at approximately $301,393,000. Bank of America Corp DE bought a new stake in shares of State Street in the 2nd quarter valued at approximately $285,936,000. Finally, Regents of The University of California lifted its stake in shares of State Street by 15.6% in the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after purchasing an additional 1,358,923 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, CEO Ronald O’Hanley sold 14,554 shares of the stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $164.60, for a total value of $2,395,588.40. Following the transaction, the chief executive officer owned 215,905 shares of the company’s stock, valued at $35,537,963. This represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Royal Bank Of Canada dropped their target price on State Street from $196.00 to $175.00 and set a “sector perform” rating for the company in a report on Thursday, October 15th. Wells Fargo & Company increased their price target on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Keefe, Bruyette & Woods raised their price target on State Street from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 18th. Finally, Morgan Stanley lifted their price objective on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Ten 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 currently has an average rating of “Moderate Buy” and a consensus target price of $189.74.

State Street Price Performance

Shares of STT stock opened at $169.91 on Tuesday. The company has a market capitalization of $46.67 billion, a P/E ratio of 13.87, a P/E/G ratio of 0.78 and a beta of 1.41. The company’s 50-day simple moving average is $181.96 and its two-hundred day simple moving average is $157.77. State Street Corporation has a one year low of $111.63 and a one year high of $195.93. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.59.

State Street (NYSE:STT) last posted 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 net margin of 15.81% and a return on equity of 16.36%. The firm had revenue of $4 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the firm posted $2.78 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. As a group, equities analysts anticipate that State Street Corporation will post 13.77 EPS for the current year.

State Street Company Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.