Intech Investment Management LLC Decreases Stake in State Street Co. (NYSE:STT)

Intech Investment Management LLC decreased its holdings in State Street Co. (NYSE:STT) by 58.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 72,685 shares of the asset manager’s stock after selling 103,226 shares during the period. Intech Investment Management LLC’s holdings in State Street were worth $6,430,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Citizens Financial Group Inc. RI raised its stake in shares of State Street by 3.3% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 5,790 shares of the asset manager’s stock valued at $512,000 after acquiring an additional 184 shares during the period. Moors & Cabot Inc. raised its position in State Street by 3.1% in the third quarter. Moors & Cabot Inc. now owns 18,201 shares of the asset manager’s stock valued at $1,610,000 after purchasing an additional 549 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of State Street by 9.4% during the third quarter. Advisors Asset Management Inc. now owns 24,696 shares of the asset manager’s stock worth $2,185,000 after purchasing an additional 2,124 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of State Street in the third quarter worth about $3,565,000. Finally, Banque Cantonale Vaudoise boosted its position in shares of State Street by 118.9% in the third quarter. Banque Cantonale Vaudoise now owns 42,667 shares of the asset manager’s stock worth $3,775,000 after buying an additional 23,171 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

Shares of STT opened at $97.50 on Friday. State Street Co. has a 12 month low of $69.56 and a 12 month high of $98.45. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a fifty day moving average price of $91.29 and a 200 day moving average price of $82.90. The company has a market cap of $28.58 billion, a P/E ratio of 15.40, a PEG ratio of 1.17 and a beta of 1.46.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating the consensus estimate of $2.12 by $0.14. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. State Street’s revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.93 earnings per share. On average, research analysts forecast that State Street Co. will post 8.42 earnings per share for the current year.

Wall Street Analyst Weigh In

STT has been the topic of several recent research reports. Evercore ISI boosted their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays boosted their target price on shares of State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company raised their price target on shares of State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a report on Friday, November 15th. The Goldman Sachs Group boosted their price objective on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, State Street presently has an average rating of “Hold” and an average target price of $92.11.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 13,859 shares of the firm’s 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 transaction, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is owned by company insiders.

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, 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.