Glenmede Trust Co. NA Cuts Position in State Street Co. (NYSE:STT)

Glenmede Trust Co. NA trimmed its stake in State Street Co. (NYSE:STT) by 6.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,016 shares of the asset manager’s stock after selling 3,513 shares during the period. Glenmede Trust Co. NA’s holdings in State Street were worth $4,867,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. LSV Asset Management boosted its holdings in shares of State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after buying an additional 1,238,251 shares in the last quarter. FMR LLC lifted its position in State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares during the last quarter. Metropolis Capital Ltd boosted its stake in State Street by 13.1% in the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after acquiring an additional 479,205 shares in the last quarter. National Bank of Canada FI grew its holdings in State Street by 443.1% in the second quarter. National Bank of Canada FI now owns 445,421 shares of the asset manager’s stock worth $32,765,000 after purchasing an additional 363,399 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its position in shares of State Street by 1,078.9% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 305,973 shares of the asset manager’s stock worth $22,642,000 after purchasing an additional 280,019 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on STT shares. Evercore ISI boosted their target price on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Wells Fargo & Company upped their price objective 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 lifted their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $92.11.

Insider Buying and Selling

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Plansky sold 13,859 shares of State Street stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the transaction, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock valued at $2,499,860 over the last quarter. 0.31% of the stock is currently owned by insiders.

State Street Stock Down 0.3 %

Shares of STT stock opened at $98.51 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street Co. has a twelve month low of $70.20 and a twelve month high of $99.50. The stock has a market cap of $28.88 billion, a P/E ratio of 15.56, a P/E/G ratio of 1.22 and a beta of 1.46. The stock has a 50 day moving average of $92.42 and a 200 day moving average of $83.75.

State Street (NYSE:STT) last posted its earnings results 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 return on equity of 12.02% and a net margin of 9.87%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the previous year, the business earned $1.93 EPS. The business’s quarterly revenue was up 21.1% on a year-over-year basis. As a group, sell-side analysts expect that State Street Co. will post 8.42 EPS 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.