Private Management Group Inc. lowered its stake in shares of State Street Co. (NYSE:STT - Free Report) by 11.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 478,977 shares of the asset manager's stock after selling 63,065 shares during the period. State Street accounts for approximately 1.5% of Private Management Group Inc.'s portfolio, making the stock its 8th biggest holding. Private Management Group Inc. owned 0.16% of State Street worth $42,375,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. LRI Investments LLC acquired a new stake in State Street during the first quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of State Street in the second quarter valued at $27,000. Versant Capital Management Inc increased its stake in State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager's stock valued at $38,000 after purchasing an additional 416 shares during the last quarter. Trust Co. of Vermont lifted its position in State Street by 44.4% during the second quarter. Trust Co. of Vermont now owns 650 shares of the asset manager's stock worth $48,000 after buying an additional 200 shares during the period. Finally, Family Firm Inc. acquired a new stake in State Street in the 2nd quarter worth about $61,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on the stock. Bank of America increased their price objective on shares of State Street from $85.00 to $96.00 and gave the stock an "underperform" rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of State Street from $79.00 to $87.00 and gave the company a "hold" rating in a report on Monday, September 23rd. Evercore ISI upped their price objective on State Street from $89.00 to $94.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Barclays lifted their target price on State Street from $103.00 to $108.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Finally, Morgan Stanley upped their price target on State Street from $100.00 to $102.00 and gave the stock an "equal weight" rating in a research note 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 assigned a buy rating to the company's stock. According to data from MarketBeat.com, State Street presently has an average rating of "Hold" and an average target price of $91.39.
Get Our Latest Stock Report on STT
In other news, EVP John Plansky sold 13,859 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is owned by company insiders.
Shares of NYSE STT remained flat at $92.80 during trading on Friday. 2,158,886 shares of the stock were exchanged, compared to its average volume of 2,242,916. The company has a market cap of $27.71 billion, a P/E ratio of 14.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.46. The business's fifty day moving average price is $88.14 and its 200-day moving average price is $80.65. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street Co. has a twelve month low of $65.16 and a twelve month high of $94.60.
State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $3.19 billion. During the same period in the prior year, the company posted $1.93 EPS. The firm's revenue for the quarter was up 21.1% on a year-over-year basis. As a group, sell-side analysts expect that State Street Co. will post 8.38 earnings per share for the current fiscal year.
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.
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