State Street Corp (STT) Stake Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in shares of State Street Corp (NYSE:STT) by 1.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,187,891 shares of the asset manager’s stock after selling 43,296 shares during the period. Bank of New York Mellon Corp owned about 1.14% of State Street worth $389,851,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Segall Bryant & Hamill LLC lifted its holdings in shares of State Street by 14.5% during the second quarter. Segall Bryant & Hamill LLC now owns 8,025 shares of the asset manager’s stock worth $747,000 after purchasing an additional 1,015 shares during the period. Maltese Capital Management LLC purchased a new position in State Street during the second quarter valued at approximately $7,717,000. Schroder Investment Management Group raised its position in State Street by 41.5% during the second quarter. Schroder Investment Management Group now owns 16,408 shares of the asset manager’s stock valued at $1,547,000 after acquiring an additional 4,815 shares in the last quarter. Glen Harbor Capital Management LLC raised its position in State Street by 87.3% during the second quarter. Glen Harbor Capital Management LLC now owns 195,908 shares of the asset manager’s stock valued at $18,237,000 after acquiring an additional 91,324 shares in the last quarter. Finally, Pitcairn Co. purchased a new position in State Street during the second quarter valued at approximately $580,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

NYSE STT traded up $0.90 on Thursday, reaching $72.09. 2,561,072 shares of the company were exchanged, compared to its average volume of 3,079,120. The firm has a market capitalization of $27.02 billion, a P/E ratio of 12.10, a price-to-earnings-growth ratio of 1.04 and a beta of 1.34. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.50 and a current ratio of 0.50. State Street Corp has a fifty-two week low of $65.81 and a fifty-two week high of $114.27.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.89 by ($0.02). The company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $3.02 billion. State Street had a return on equity of 14.99% and a net margin of 19.90%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm posted $1.71 EPS. As a group, sell-side analysts forecast that State Street Corp will post 7.43 EPS for the current year.

Several brokerages recently weighed in on STT. ValuEngine upgraded State Street from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 4th. Bank of America reduced their price target on State Street from $104.00 to $97.00 and set a “neutral” rating for the company in a research report on Wednesday, July 25th. Wolfe Research assumed coverage on State Street in a research report on Tuesday, September 25th. They issued a “market perform” rating for the company. Morgan Stanley upgraded State Street from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $109.00 to $115.00 in a research report on Tuesday, September 4th. Finally, UBS Group boosted their price objective on State Street from $96.00 to $98.00 and gave the company a “buy” rating in a research report on Monday, October 8th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. State Street has a consensus rating of “Hold” and an average target price of $102.47.

In other news, EVP Louis D. Maiuri acquired 740 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The shares were purchased at an average price of $67.60 per share, for a total transaction of $50,024.00. Following the acquisition, the executive vice president now owns 45,314 shares of the company’s stock, valued at $3,063,226.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Saint-Aignan Patrick De acquired 500 shares of the business’s stock in a transaction that occurred on Tuesday, October 23rd. The stock was purchased at an average price of $68.62 per share, for a total transaction of $34,310.00. Following the acquisition, the director now directly owns 25,138 shares in the company, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.

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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.

Further Reading: Fiduciary

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

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