Acadian Asset Management LLC Sells 21,220 Shares of State Street Co. (NYSE:STT)

Acadian Asset Management LLC decreased its holdings in State Street Co. (NYSE:STT) by 94.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,346 shares of the asset manager’s stock after selling 21,220 shares during the period. Acadian Asset Management LLC’s holdings in State Street were worth $98,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Covestor Ltd increased its holdings in shares of State Street by 69.2% in the first quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock valued at $50,000 after purchasing an additional 234 shares during the last quarter. Clear Street Markets LLC raised its holdings in State Street by 85.1% in the 1st quarter. Clear Street Markets LLC now owns 685 shares of the asset manager’s stock valued at $52,000 after acquiring an additional 315 shares during the period. Ameritas Advisory Services LLC acquired a new stake in State Street during the first quarter worth approximately $56,000. WealthPLAN Partners LLC bought a new stake in shares of State Street during the first quarter worth approximately $66,000. Finally, MV Capital Management Inc. grew its position in shares of State Street by 234.3% in the second quarter. MV Capital Management Inc. now owns 916 shares of the asset manager’s stock valued at $67,000 after purchasing an additional 642 shares during the last quarter. 89.62% of the stock is currently owned by institutional investors.

State Street Price Performance

State Street stock opened at $69.97 on Tuesday. The company has a market capitalization of $21.59 billion, a PE ratio of 10.21, a P/E/G ratio of 1.79 and a beta of 1.53. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.86. The stock has a 50-day moving average price of $67.00 and a two-hundred day moving average price of $69.47. State Street Co. has a 12 month low of $62.78 and a 12 month high of $94.74.

State Street (NYSE:STT) last issued its quarterly earnings data on Wednesday, October 18th. The asset manager reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.54). State Street had a net margin of 14.07% and a return on equity of 12.19%. The business had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the business earned $1.82 EPS. The firm’s quarterly revenue was down 9.1% compared to the same quarter last year. Analysts expect that State Street Co. will post 7.41 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on STT. StockNews.com began coverage on shares of State Street in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft dropped their price target on shares of State Street from $66.00 to $65.00 in a research report on Wednesday, October 11th. Morgan Stanley reduced their price target on State Street from $79.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 2nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $75.00 price objective on shares of State Street in a report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $75.50.

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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; 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.