State Street Corp (NYSE:STT) Stake Lowered by Fayerweather Charles

Fayerweather Charles cut its holdings in shares of State Street Corp (NYSE:STT) by 24.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,400 shares of the asset manager’s stock after selling 2,398 shares during the period. Fayerweather Charles’ holdings in State Street were worth $619,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of State Street in the 2nd quarter valued at approximately $109,000. Delta Asset Management LLC TN acquired a new stake in shares of State Street in the 2nd quarter valued at approximately $142,000. Ostrum Asset Management acquired a new stake in shares of State Street in the 1st quarter valued at approximately $174,000. Private Capital Group LLC raised its position in shares of State Street by 2,270.9% in the 1st quarter. Private Capital Group LLC now owns 1,873 shares of the asset manager’s stock valued at $188,000 after acquiring an additional 1,794 shares during the period. Finally, Financial Gravity Wealth Inc. acquired a new stake in shares of State Street in the 1st quarter valued at approximately $193,000. Institutional investors own 88.04% of the company’s stock.

A number of analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of State Street from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Jefferies Financial Group reiterated a “hold” rating and issued a $91.00 price target on shares of State Street in a research report on Tuesday, July 24th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $100.00 price target on shares of State Street in a research report on Monday, July 23rd. Credit Suisse Group cut their price target on shares of State Street from $110.00 to $103.00 and set a “$87.02” rating on the stock in a research report on Monday, July 23rd. Finally, Bank of America cut their price target on shares of State Street from $104.00 to $97.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 25th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $103.07.

In other State Street news, EVP Louis D. Maiuri purchased 740 shares of the firm’s stock in a transaction dated Wednesday, October 24th. The stock was bought at an average cost of $67.60 per share, with a total value of $50,024.00. Following the purchase, the executive vice president now directly owns 45,314 shares of the company’s stock, valued at $3,063,226.40. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Saint-Aignan Patrick De purchased 500 shares of the firm’s stock in a transaction dated Tuesday, October 23rd. The shares were acquired at an average cost of $68.62 per share, with a total value of $34,310.00. Following the completion of the purchase, the director now directly owns 25,138 shares in the company, valued at $1,724,969.56. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 26,954 shares of company stock valued at $2,237,777. 0.40% of the stock is owned by company insiders.

NYSE STT opened at $72.02 on Wednesday. State Street Corp has a 52-week low of $65.81 and a 52-week high of $114.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market cap of $26.56 billion, a P/E ratio of 12.08, a price-to-earnings-growth ratio of 1.02 and a beta of 1.34.

State Street (NYSE:STT) last posted its earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.02). State Street had a return on equity of 14.99% and a net margin of 19.90%. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the previous year, the company posted $1.71 earnings per share. State Street’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, sell-side analysts expect that State Street Corp will post 7.42 earnings per share for the current year.

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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; 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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Institutional Ownership by Quarter for State Street (NYSE:STT)

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