Premier Path Wealth Partners LLC Lowers Position in State Street Corporation $STT

Premier Path Wealth Partners LLC lowered its holdings in State Street Corporation (NYSE:STT) by 3.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,928 shares of the asset manager’s stock after selling 115 shares during the period. Premier Path Wealth Partners LLC’s holdings in State Street were worth $311,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of STT. Eastern Bank raised its holdings in shares of State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after acquiring an additional 2,947,153 shares in the last quarter. Nuveen LLC bought a new position in shares of State Street during the 1st quarter valued at about $93,016,000. Invesco Ltd. increased its position in shares of State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after purchasing an additional 674,120 shares during the last quarter. Allianz Asset Management GmbH increased its position in shares of State Street by 404.7% during the 1st quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock valued at $52,469,000 after purchasing an additional 469,936 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of State Street by 5,058.7% during the 1st quarter. Panagora Asset Management Inc. now owns 465,673 shares of the asset manager’s stock valued at $41,692,000 after purchasing an additional 456,646 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president owned 38,626 shares in the company, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by insiders.

State Street Price Performance

STT opened at $115.70 on Friday. The stock’s 50 day simple moving average is $114.36 and its 200 day simple moving average is $105.68. 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 $119.33. The firm has a market cap of $32.82 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.24 and a beta of 1.46.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business had revenue of $13 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same period last year, the company earned $2.26 EPS. State Street’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on STT shares. Bank of America increased their price objective on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. Morgan Stanley increased their price objective on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company increased their price objective on State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $125.92.

State Street 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.