US Bancorp DE Reduces Holdings in State Street Co. (NYSE:STT)

US Bancorp DE reduced its stake in State Street Co. (NYSE:STT) by 5.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 101,524 shares of the asset manager’s stock after selling 5,462 shares during the period. US Bancorp DE’s holdings in State Street were worth $8,982,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. LSV Asset Management raised its holdings in shares of State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after buying an additional 1,238,251 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of State Street by 541.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock worth $58,117,000 after purchasing an additional 634,422 shares during the period. SG Americas Securities LLC lifted its holdings in shares of State Street by 430.5% during the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock worth $56,841,000 after purchasing an additional 596,567 shares during the period. Lazard Asset Management LLC boosted its position in State Street by 168.7% in the first quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after buying an additional 507,270 shares during the last quarter. Finally, Metropolis Capital Ltd raised its position in State Street by 13.1% during the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock worth $305,238,000 after buying an additional 479,205 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

STT opened at $92.80 on Friday. The firm’s fifty day simple moving average is $88.14 and its two-hundred day simple moving average is $80.71. State Street Co. has a 52-week low of $65.16 and a 52-week high of $94.60. The company has a market cap of $27.71 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 1.19 and a beta of 1.46. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last issued 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. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same period last year, the company posted $1.93 EPS. State Street’s quarterly revenue was up 21.1% compared to the same quarter last year. Equities analysts anticipate that State Street Co. will post 8.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on STT. Morgan Stanley increased their price objective on shares of 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 target on State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Bank of America upped their target price on State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Wolfe Research reiterated an “underperform” rating and set a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Finally, Barclays upped their price objective on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $91.39.

Insider Transactions at State Street

In related news, EVP John Plansky sold 13,859 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.31% of the company’s stock.

About State Street

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.