Sumitomo Mitsui Trust Group Inc. Reduces Position in State Street Co. (NYSE:STT)

Sumitomo Mitsui Trust Group Inc. reduced its stake in State Street Co. (NYSE:STT) by 7.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 711,416 shares of the asset manager’s stock after selling 61,240 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of State Street worth $62,939,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. LRI Investments LLC purchased a new position in State Street in the 1st quarter valued at about $25,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of State Street during the second quarter valued at approximately $27,000. Versant Capital Management Inc boosted its position in State Street by 411.9% during the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after acquiring an additional 416 shares during the last quarter. Trust Co. of Vermont boosted its position in State Street by 44.4% during the second quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock worth $48,000 after acquiring an additional 200 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in State Street in the 3rd quarter worth approximately $54,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on STT shares. Citigroup increased their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Morgan Stanley raised their price target on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group increased their price target on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $91.96.

State Street Stock Down 1.0 %

NYSE STT opened at $94.18 on Friday. The stock has a market cap of $27.61 billion, a PE ratio of 14.88, a P/E/G ratio of 1.21 and a beta of 1.46. The business has a 50 day moving average price of $89.58 and a two-hundred day moving average price of $81.89. State Street Co. has a fifty-two week low of $68.92 and a fifty-two week high of $98.45. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business’s revenue was up 21.1% on a year-over-year basis. During the same period last year, the business earned $1.93 EPS. As a group, sell-side analysts predict that State Street Co. will post 8.42 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.31% of the company’s stock.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.