Benin Management CORP Reduces Stock Position in State Street Co. (NYSE:STT)

Benin Management CORP lessened its stake in shares of State Street Co. (NYSE:STT) by 2.0% in the third quarter, HoldingsChannel reports. The firm owned 21,622 shares of the asset manager’s stock after selling 436 shares during the quarter. State Street makes up approximately 0.5% of Benin Management CORP’s holdings, making the stock its 28th biggest holding. Benin Management CORP’s holdings in State Street were worth $1,913,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ferguson Wellman Capital Management Inc. increased its position in State Street by 18.5% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 943,726 shares of the asset manager’s stock worth $83,491,000 after purchasing an additional 147,081 shares in the last quarter. Blue Trust Inc. increased its position in State Street by 55.6% during the 3rd quarter. Blue Trust Inc. now owns 4,452 shares of the asset manager’s stock worth $394,000 after purchasing an additional 1,591 shares in the last quarter. V Square Quantitative Management LLC increased its position in State Street by 32.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 9,129 shares of the asset manager’s stock worth $808,000 after purchasing an additional 2,241 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in State Street by 2.3% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 31,417 shares of the asset manager’s stock worth $2,779,000 after purchasing an additional 713 shares in the last quarter. Finally, Cardinal Capital Management increased its position in State Street by 1.1% during the 3rd quarter. Cardinal Capital Management now owns 53,728 shares of the asset manager’s stock worth $4,753,000 after purchasing an additional 571 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of several recent analyst reports. Wolfe Research restated an “underperform” rating and issued a $73.00 price target on shares of State Street in a report on Monday, July 8th. Barclays lifted their price target on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Morgan Stanley lifted their price target on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on State Street from $98.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods lowered their price target on State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $91.39.

State Street Trading Down 1.6 %

Shares of NYSE STT traded down $1.49 during midday trading on Monday, hitting $89.94. The stock had a trading volume of 282,358 shares, compared to its average volume of 2,232,844. The company has a market capitalization of $26.86 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.17 and a beta of 1.48. State Street Co. has a 1-year low of $62.78 and a 1-year high of $94.60. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The company has a fifty day moving average price of $85.89 and a 200 day moving average price of $79.58.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company’s revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.93 EPS. On average, analysts predict that State Street Co. will post 8.36 earnings per share for the current year.

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.