Forsta AP Fonden Decreases Stake in State Street Corporation $STT

Forsta AP Fonden trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 35.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,100 shares of the asset manager’s stock after selling 35,300 shares during the quarter. Forsta AP Fonden’s holdings in State Street were worth $6,710,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of STT. Invesco Ltd. increased its stake in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after purchasing an additional 674,120 shares during the period. Northern Trust Corp raised its position in State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock valued at $381,770,000 after purchasing an additional 115,751 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of State Street by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after buying an additional 14,011 shares in the last quarter. Eastern Bank increased its stake in shares of 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. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of State Street by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager’s stock valued at $242,932,000 after acquiring an additional 49,353 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price target on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. Cowen reissued a “buy” rating on shares of State Street in a research report on Tuesday, October 21st. TD Cowen initiated coverage on shares of State Street in a research note on Thursday, September 25th. They set a “buy” rating for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Finally, Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction that occurred on Monday, October 27th. The shares were 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.29% of the company’s stock.

State Street Stock Performance

STT opened at $116.75 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03. The firm’s 50-day moving average price is $115.09 and its 200 day moving average price is $108.08. The firm has a market capitalization of $32.61 billion, a PE ratio of 12.35, a PEG ratio of 1.24 and a beta of 1.47. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $122.69.

State Street (NYSE:STT) last released its quarterly earnings data 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 return on equity of 13.37% and a net margin of 13.14%.The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the previous year, the company posted $2.26 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

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.