Forsta AP Fonden Reduces Stock Position in State Street Corporation $STT

Forsta AP Fonden trimmed its stake in State Street Corporation (NYSE:STT) by 35.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,100 shares of the asset manager’s stock after selling 35,300 shares during the period. Forsta AP Fonden’s holdings in State Street were worth $6,710,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC acquired a new stake in shares of State Street during the fourth quarter worth about $296,000. Stephens Inc. AR raised its stake in State Street by 40.4% during the 1st quarter. Stephens Inc. AR now owns 3,793 shares of the asset manager’s stock valued at $340,000 after acquiring an additional 1,092 shares during the last quarter. Sigma Planning Corp acquired a new stake in State Street during the 1st quarter worth approximately $591,000. Apollon Wealth Management LLC grew its stake in shares of State Street by 2.0% in the 1st quarter. Apollon Wealth Management LLC now owns 10,252 shares of the asset manager’s stock valued at $918,000 after purchasing an additional 202 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of State Street by 10.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,299 shares of the asset manager’s stock valued at $206,000 after purchasing an additional 210 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Trading Down 1.3%

Shares of STT stock opened at $116.75 on Friday. The firm’s 50-day simple moving average is $115.09 and its 200-day simple moving average is $108.08. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $122.69. The firm has a market cap of $32.61 billion, a P/E ratio of 12.35, a PEG ratio of 1.24 and a beta of 1.47.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter last year, the firm posted $2.26 earnings per share. State Street’s revenue was up 8.8% on a year-over-year basis. As a group, equities analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. TD Cowen assumed coverage on State Street in a research note on Thursday, September 25th. They set a “buy” rating for the company. BMO Capital Markets started coverage on shares of State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price on the stock. Evercore ISI raised their price objective on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and an average price target of $125.92.

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.