Montag A & Associates Inc. Sells 734 Shares of State Street Corporation $STT

Montag A & Associates Inc. trimmed its position in State Street Corporation (NYSE:STT) by 5.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,798 shares of the asset manager’s stock after selling 734 shares during the period. Montag A & Associates Inc.’s holdings in State Street were worth $1,361,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Eastern Bank boosted its stake in State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after buying an additional 2,947,153 shares during the period. Nuveen LLC bought a new position in State Street in the 1st quarter worth about $93,016,000. Invesco Ltd. raised its holdings in shares of State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after acquiring an additional 674,120 shares in the last quarter. Allianz Asset Management GmbH boosted 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 acquiring an additional 469,936 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in shares of State Street by 5,058.7% during the first quarter. Panagora Asset Management Inc. now owns 465,673 shares of the asset manager’s stock worth $41,692,000 after purchasing an additional 456,646 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of State Street stock opened at $119.49 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $120.81. The company has a fifty day moving average of $114.76 and a 200-day moving average of $107.71. The stock has a market capitalization of $33.37 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth 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 the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the previous year, the firm posted $2.26 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities research analysts expect that State Street Corporation will post 9.68 EPS for the current year.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on STT shares. Evercore ISI lifted their target price on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Cowen restated a “buy” rating on shares of State Street in a research report on Tuesday, October 21st. The Goldman Sachs Group upped their target price on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Morgan Stanley increased their target price on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Finally, Wells Fargo & Company lifted their price target on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.