AEGON ASSET MANAGEMENT UK Plc Cuts Stake in State Street Corporation $STT

AEGON ASSET MANAGEMENT UK Plc lowered its position in shares of State Street Corporation (NYSE:STT) by 0.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 345,542 shares of the asset manager’s stock after selling 1,512 shares during the period. AEGON ASSET MANAGEMENT UK Plc’s holdings in State Street were worth $36,752,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. First Pacific Financial purchased a new position in shares of State Street during the first quarter valued at $25,000. Capital Analysts LLC grew its stake in State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC grew its stake in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares during the last quarter. Golden State Wealth Management LLC grew its stake in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in State Street in the first quarter valued at about $46,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of STT stock opened at $115.39 on Wednesday. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.24. The firm has a market capitalization of $32.74 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.17 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The stock’s 50-day simple moving average is $113.42 and its 200-day simple moving average is $102.63.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the previous year, the company posted $2.15 earnings per share. The company’s revenue was up 2.9% compared to the same quarter last year. As a group, equities analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares of the company’s stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

STT has been the topic of several analyst reports. The Goldman Sachs Group lifted their target price on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Bank of America lifted their target price on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and lifted their target price for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Finally, Wells Fargo & Company boosted their price target on State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.83.

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.