MAI Capital Management Has $478,000 Stake in State Street Co. (NYSE:STT)

MAI Capital Management lowered its stake in shares of State Street Co. (NYSE:STT) by 46.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 5,399 shares of the asset manager’s stock after selling 4,654 shares during the quarter. MAI Capital Management’s holdings in State Street were worth $478,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in STT. Benjamin F. Edwards & Company Inc. lifted its position in shares of State Street by 5.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after acquiring an additional 129 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in State Street by 9.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after purchasing an additional 148 shares during the period. Rockland Trust Co. grew its stake in State Street by 1.8% during the third quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock worth $737,000 after buying an additional 150 shares in the last quarter. Mather Group LLC. increased its holdings in State Street by 10.9% in the 2nd quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock valued at $125,000 after buying an additional 158 shares during the period. Finally, Empirical Finance LLC raised its position in shares of State Street by 1.4% in the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock valued at $997,000 after buying an additional 158 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is owned by corporate insiders.

State Street Trading Up 1.2 %

STT opened at $97.50 on Friday. The company’s 50 day moving average price is $91.29 and its two-hundred day moving average price is $82.90. The firm has a market capitalization of $28.58 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 1.17 and a beta of 1.46. State Street Co. has a fifty-two week low of $69.56 and a fifty-two week high of $98.45. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) 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 return on equity of 12.02% and a net margin of 9.87%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the prior year, the business posted $1.93 earnings per share. State Street’s quarterly revenue was up 21.1% on a year-over-year basis. As a group, research analysts predict that State Street Co. will post 8.42 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on STT. Barclays lifted their price objective on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley lifted their price target on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research note on Wednesday. Evercore ISI lifted their target price on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group increased their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, State Street currently has an average rating of “Hold” and an average price target of $92.11.

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.