State Street Corporation $STT Stake Decreased by Inspire Trust Co. N.A.

Inspire Trust Co. N.A. reduced its stake in shares of State Street Corporation (NYSE:STT) by 17.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 38,000 shares of the asset manager’s stock after selling 8,000 shares during the period. Inspire Trust Co. N.A.’s holdings in State Street were worth $6,634,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its position in shares of State Street by 4.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 426,809 shares of the asset manager’s stock valued at $72,387,000 after purchasing an additional 19,035 shares during the last quarter. Illinois Municipal Retirement Fund raised its holdings in shares of State Street by 18.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after buying an additional 13,245 shares in the last quarter. Compass Financial Management LLC bought a new stake in State Street in the 2nd quarter worth approximately $1,424,000. Core Capital Management & Research inc. bought a new stake in State Street in the 2nd quarter worth approximately $749,000. Finally, State Street Corp boosted its stake in State Street by 1.2% in the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock worth $2,296,098,000 after buying an additional 163,362 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,554 shares of the business’s 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 completion of the sale, the chief executive officer owned 215,905 shares in the company, valued at approximately $35,537,963. The trade was a 6.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 shares were sold at an average price of $168.63, for a total value of $1,197,104.37. Following the sale, the executive vice president directly owned 42,695 shares of the company’s stock, valued at approximately $7,199,657.85. This trade represents a 14.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by company insiders.

State Street Stock Up 0.4%

Shares of NYSE:STT opened at $171.61 on Wednesday. The stock has a market capitalization of $46.69 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 0.79 and a beta of 1.38. The stock’s 50-day moving average price is $177.04 and its 200-day moving average price is $160.10. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.02. State Street Corporation has a 12-month low of $111.63 and a 12-month high of $195.93.

State Street (NYSE:STT) last released its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, beating analysts’ consensus estimates of $3.68 by $0.01. The company had revenue of $4 billion during 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%. State Street’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.78 EPS. On average, equities analysts anticipate that State Street Corporation will post 13.78 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Evercore increased their price target on shares of State Street from $185.00 to $200.00 in a research report on Wednesday, October 28th. Argus lifted their price target on shares of State Street from $168.00 to $212.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. TD Cowen assumed coverage on shares of State Street in a report on Thursday, October 8th. They issued a “buy” rating and a $205.00 price objective for the company. Keefe, Bruyette & Woods upped their price objective on shares of State Street from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, October 15th. Finally, 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 research note on Monday, October 19th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.97.

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.