Bank of New York Mellon Corp decreased its stake in shares of State Street Corp (NYSE:STT) by 31.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,624,502 shares of the asset manager’s stock after selling 1,667,326 shares during the quarter. Bank of New York Mellon Corp owned 0.97% of State Street worth $203,190,000 as of its most recent filing with the SEC.
Other large investors also recently bought and sold shares of the company. CIBC World Markets Inc. increased its holdings in shares of State Street by 58.5% during the 1st quarter. CIBC World Markets Inc. now owns 16,699 shares of the asset manager’s stock worth $1,099,000 after purchasing an additional 6,165 shares during the period. First Trust Advisors LP boosted its position in shares of State Street by 25.7% during the 2nd quarter. First Trust Advisors LP now owns 547,096 shares of the asset manager’s stock valued at $30,670,000 after acquiring an additional 111,924 shares in the last quarter. Arizona State Retirement System boosted its position in shares of State Street by 9.8% during the 2nd quarter. Arizona State Retirement System now owns 106,707 shares of the asset manager’s stock valued at $5,982,000 after acquiring an additional 9,524 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of State Street during the 2nd quarter valued at about $877,000. Finally, Goelzer Investment Management Inc. acquired a new stake in shares of State Street during the 1st quarter valued at about $316,000. Institutional investors own 89.89% of the company’s stock.
NYSE:STT traded up $0.88 on Friday, reaching $61.15. The stock had a trading volume of 2,402,843 shares, compared to its average volume of 2,963,941. The company has a market capitalization of $22.46 billion, a P/E ratio of 8.47, a price-to-earnings-growth ratio of 0.96 and a beta of 1.47. State Street Corp has a 1-year low of $48.62 and a 1-year high of $90.20. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.52. The stock has a fifty day moving average price of $53.28 and a 200-day moving average price of $60.59.
State Street (NYSE:STT) last released its quarterly earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.05. State Street had a net margin of 17.66% and a return on equity of 12.13%. The firm had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period in the previous year, the business earned $2.05 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. Sell-side analysts predict that State Street Corp will post 5.72 earnings per share for the current fiscal year.
Several analysts have recently weighed in on the stock. Bank of America reiterated a “buy” rating and set a $65.00 target price (down from $75.00) on shares of State Street in a research report on Thursday, June 6th. Raymond James lifted their target price on shares of State Street from $68.00 to $72.00 and gave the company a “strong-buy” rating in a research report on Monday, July 22nd. ValuEngine lowered shares of State Street from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Wells Fargo & Co set a $55.00 target price on shares of State Street and gave the company a “hold” rating in a research report on Friday, August 16th. Finally, Deutsche Bank decreased their target price on shares of State Street from $55.00 to $53.00 and set a “hold” rating on the stock in a research report on Wednesday, August 21st. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. State Street presently has an average rating of “Hold” and an average target price of $67.75.
In other State Street news, EVP Jeffrey N. Carp sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total value of $1,293,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hanley Ronald P. O bought 7,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was bought at an average cost of $50.43 per share, with a total value of $353,010.00. Following the completion of the purchase, the chief executive officer now owns 127,235 shares of the company’s stock, valued at approximately $6,416,461.05. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 11,000 shares of company stock valued at $577,375. Insiders own 0.40% 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. 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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