Magnetar Financial LLC Lowers Stake in State Street Corporation (STT)

Magnetar Financial LLC cut its position in shares of State Street Corporation (NYSE:STT) by 61.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,546 shares of the asset manager’s stock after selling 15,417 shares during the period. Magnetar Financial LLC’s holdings in State Street were worth $912,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in State Street by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after buying an additional 448,658 shares in the last quarter. FMR LLC boosted its stake in State Street by 10.8% in the 2nd quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after buying an additional 1,940,536 shares in the last quarter. Longview Partners Guernsey LTD boosted its stake in State Street by 6.5% in the 3rd quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock valued at $770,313,000 after buying an additional 493,244 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in State Street by 44.8% in the third quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock worth $427,133,000 after purchasing an additional 1,383,249 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in State Street by 0.3% in the third quarter. Bank of New York Mellon Corp now owns 4,349,477 shares of the asset manager’s stock worth $415,547,000 after purchasing an additional 13,453 shares in the last quarter. 88.10% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have commented on the company. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $103.00 price objective on the stock in a research note on Wednesday, August 30th. ValuEngine lowered State Street from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Jefferies Group reissued a “hold” rating and issued a $100.00 price objective on shares of State Street in a research note on Friday, September 15th. Citigroup reissued a “neutral” rating and issued a $102.00 price objective (up previously from $88.00) on shares of State Street in a research note on Monday, October 9th. Finally, Keefe, Bruyette & Woods set a $93.00 price objective on State Street and gave the stock a “hold” rating in a research note on Monday, August 28th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $96.47.

In other news, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $92.00, for a total transaction of $32,568.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total value of $2,315,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,724 shares of company stock valued at $2,659,741. 0.71% of the stock is currently owned by corporate insiders.

State Street Corporation (STT) traded up $0.75 during mid-day trading on Monday, hitting $97.67. The stock had a trading volume of 1,263,200 shares, compared to its average volume of 1,964,698. The company has a market capitalization of $36,219.62, a P/E ratio of 16.09, a P/E/G ratio of 1.67 and a beta of 1.35. State Street Corporation has a 12 month low of $74.45 and a 12 month high of $99.99. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61.

State Street (NYSE:STT) last released its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.10. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. State Street had a return on equity of 13.03% and a net margin of 20.56%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.35 earnings per share. analysts predict that State Street Corporation will post 6.25 EPS for the current year.

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State Street Profile

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

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

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