Voya Investment Management LLC decreased its holdings in State Street Corp (NYSE:STT) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 171,005 shares of the asset manager’s stock after selling 890 shares during the quarter. Voya Investment Management LLC’s holdings in State Street were worth $10,122,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. Peoples Financial Services CORP. raised its stake in shares of State Street by 5.5% in the 3rd quarter. Peoples Financial Services CORP. now owns 3,818 shares of the asset manager’s stock worth $226,000 after buying an additional 200 shares in the last quarter. McGuire Investment Group LLC boosted its stake in State Street by 0.8% during the second quarter. McGuire Investment Group LLC now owns 27,353 shares of the asset manager’s stock valued at $1,533,000 after buying an additional 212 shares in the last quarter. MML Investors Services LLC grew its holdings in State Street by 6.8% during the second quarter. MML Investors Services LLC now owns 4,545 shares of the asset manager’s stock worth $255,000 after acquiring an additional 288 shares during the period. Cornerstone Advisors Inc. grew its holdings in State Street by 33.1% during the third quarter. Cornerstone Advisors Inc. now owns 1,163 shares of the asset manager’s stock worth $69,000 after acquiring an additional 289 shares during the period. Finally, Reilly Financial Advisors LLC grew its holdings in State Street by 91.7% during the third quarter. Reilly Financial Advisors LLC now owns 627 shares of the asset manager’s stock worth $37,000 after acquiring an additional 300 shares during the period. 90.09% of the stock is owned by institutional investors.
In other State Street news, EVP Jeffrey N. Carp sold 7,124 shares of State Street stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $73.10, for a total transaction of $520,764.40. Also, Director Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $65.70, for a total transaction of $1,642,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,984 shares of company stock valued at $7,709,865. 0.40% of the stock is owned by insiders.
State Street (NYSE:STT) last announced its earnings results on Friday, October 18th. The asset manager reported $1.51 EPS for the quarter, topping the consensus estimate of $1.40 by $0.11. The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a net margin of 16.18% and a return on equity of 11.34%. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period last year, the company posted $1.87 earnings per share. On average, research analysts predict that State Street Corp will post 5.81 earnings per share for the current year.
A number of brokerages have weighed in on STT. Deutsche Bank upped their price target on shares of State Street from $81.00 to $83.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Evercore ISI initiated coverage on shares of State Street in a research report on Wednesday, November 20th. They set a “buy” rating and a $75.00 price objective for the company. Morgan Stanley reaffirmed a “sell” rating and issued a $71.00 price objective (up previously from $66.00) on shares of State Street in a research note on Monday, November 18th. Wells Fargo & Co set a $55.00 target price on shares of State Street and gave the stock a “hold” rating in a report on Friday, August 16th. Finally, Keefe, Bruyette & Woods reissued an “underperform” rating and set a $68.00 target price (up from $60.00) on shares of State Street in a research note on Monday, October 21st. Three analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. State Street presently has a consensus rating of “Hold” and an average price target of $71.45.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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.
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