Evercore Wealth Management LLC reduced its holdings in shares of State Street Corp (NYSE:STT) by 8.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,890 shares of the asset manager’s stock after selling 2,291 shares during the quarter. Evercore Wealth Management LLC’s holdings in State Street were worth $2,002,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of the business. Massachusetts Financial Services Co. MA increased its holdings in State Street by 7.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 27,934,535 shares of the asset manager’s stock valued at $2,340,355,000 after acquiring an additional 1,830,069 shares in the last quarter. BlackRock Inc. increased its holdings in State Street by 5.7% during the 3rd quarter. BlackRock Inc. now owns 22,719,665 shares of the asset manager’s stock valued at $1,903,454,000 after acquiring an additional 1,224,497 shares in the last quarter. FMR LLC increased its holdings in State Street by 1.9% during the 3rd quarter. FMR LLC now owns 13,405,169 shares of the asset manager’s stock valued at $1,123,084,000 after acquiring an additional 251,861 shares in the last quarter. Longview Partners Guernsey LTD increased its holdings in State Street by 40.5% during the 3rd quarter. Longview Partners Guernsey LTD now owns 11,202,851 shares of the asset manager’s stock valued at $938,575,000 after acquiring an additional 3,230,396 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its holdings in State Street by 1.0% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,389,168 shares of the asset manager’s stock valued at $501,678,000 after acquiring an additional 50,779 shares in the last quarter. Hedge funds and other institutional investors own 87.22% of the company’s stock.
State Street stock opened at $65.90 on Friday. State Street Corp has a 12-month low of $63.40 and a 12-month high of $114.27. The stock has a market cap of $25.74 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 0.99 and a beta of 1.35. 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 (NYSE:STT) last released its quarterly earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.89 by ($0.02). State Street had a return on equity of 14.99% and a net margin of 19.90%. The firm had revenue of $2.95 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same period in the prior year, the business earned $1.71 earnings per share. State Street’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, equities research analysts expect that State Street Corp will post 7.42 EPS for the current fiscal year.
In related news, Director Saint-Aignan Patrick De bought 500 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 25,138 shares of the company’s stock, valued at $1,724,969.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Louis D. Maiuri bought 740 shares of the firm’s stock in a transaction that occurred on Wednesday, October 24th. The stock was bought at an average cost of $67.60 per share, for a total transaction of $50,024.00. Following the completion of the transaction, the executive vice president now directly owns 45,314 shares of the company’s stock, valued at approximately $3,063,226.40. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by company insiders.
Several research firms have weighed in on STT. Wells Fargo & Co set a $82.00 target price on shares of State Street and gave the company an “outperform” rating in a report on Thursday. Zacks Investment Research upgraded shares of State Street from a “sell” rating to a “hold” rating in a report on Wednesday. Deutsche Bank decreased their price target on shares of State Street from $92.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, November 16th. Barclays decreased their price target on shares of State Street from $110.00 to $105.00 and set an “overweight” rating on the stock in a research note on Monday, October 22nd. Finally, Credit Suisse Group decreased their price target on shares of State Street from $103.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, October 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. State Street currently has an average rating of “Hold” and an average price target of $100.93.
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State Street Company Profile
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: Average Daily Trade Volume Explained
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