State Street Co. (NYSE:STT) Stock Position Reduced by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its position in State Street Co. (NYSE:STT) by 7.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 711,416 shares of the asset manager’s stock after selling 61,240 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in State Street were worth $62,939,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Portfolio Solutions Inc. raised its holdings in shares of State Street by 11.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 8,282 shares of the asset manager’s stock worth $640,000 after purchasing an additional 839 shares during the period. Empowered Funds LLC lifted its holdings in State Street by 14.9% in the first quarter. Empowered Funds LLC now owns 3,831 shares of the asset manager’s stock worth $296,000 after acquiring an additional 498 shares during the last quarter. Entropy Technologies LP acquired a new position in State Street in the first quarter valued at approximately $339,000. State Board of Administration of Florida Retirement System grew its holdings in shares of State Street by 6.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 397,186 shares of the asset manager’s stock valued at $30,063,000 after purchasing an additional 24,210 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of State Street by 15.8% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 366,434 shares of the asset manager’s stock worth $28,333,000 after purchasing an additional 50,034 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP John Plansky sold 13,859 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.31% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of recent research reports. The Goldman Sachs Group upped their price objective on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their price objective on shares of State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Barclays raised their price target on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Evercore ISI boosted their price objective on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Two equities 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 data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $91.96.

State Street Trading Down 1.0 %

Shares of STT stock opened at $94.18 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The stock has a 50-day simple moving average of $89.58 and a 200 day simple moving average of $81.89. State Street Co. has a fifty-two week low of $68.92 and a fifty-two week high of $98.45. The stock has a market capitalization of $27.61 billion, a P/E ratio of 14.88, a P/E/G ratio of 1.21 and a beta of 1.46.

State Street (NYSE:STT) last posted 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. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same quarter last year, the firm posted $1.93 EPS. The business’s revenue for the quarter was up 21.1% on a year-over-year basis. On average, sell-side analysts expect that State Street Co. will post 8.42 earnings per share for the current fiscal year.

State Street 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, 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.