State Street Corporation $STT Stake Trimmed by Fifth Third Bancorp

Fifth Third Bancorp trimmed its position in shares of State Street Corporation (NYSE:STT) by 1.8% during the third quarter, Holdings Channel.com reports. The fund owned 184,850 shares of the asset manager’s stock after selling 3,462 shares during the quarter. Fifth Third Bancorp’s holdings in State Street were worth $32,273,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of State Street in the second quarter valued at about $4,139,389,000. State Street Corp boosted its holdings in State Street by 1.2% during the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock worth $2,296,098,000 after purchasing an additional 163,362 shares during the last quarter. Regents of The University of California boosted its holdings in State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after purchasing an additional 1,358,923 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in State Street by 4.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,962,274 shares of the asset manager’s stock worth $502,402,000 after purchasing an additional 137,798 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in State Street by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager’s stock worth $392,539,000 after purchasing an additional 51,754 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on STT shares. Weiss Ratings lowered shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, October 6th. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 18th. JPMorgan Chase & Co. upped their target price on State Street from $187.50 to $192.50 and gave the company a “neutral” rating in a report on Friday, October 30th. DA Davidson decreased their price target on State Street from $200.00 to $191.00 and set a “buy” rating for the company in a research report on Thursday, October 15th. Finally, Barclays lifted their price target on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $193.97.

Insider Buying and Selling at State Street

In other news, CEO Ronald O’Hanley sold 14,554 shares of State Street stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total transaction of $2,395,588.40. Following the completion of the sale, the chief executive officer directly owned 215,905 shares of the company’s stock, valued at approximately $35,537,963. The trade was a 6.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 7,099 shares of the company’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the completion of the transaction, the executive vice president owned 42,695 shares of the company’s stock, valued at $7,199,657.85. This trade represents a 14.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company’s stock.

State Street Stock Down 0.1%

STT opened at $173.49 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.59 and a quick ratio of 0.59. State Street Corporation has a one year low of $111.63 and a one year high of $195.93. The firm has a market capitalization of $47.20 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 0.80 and a beta of 1.38. The company has a fifty day moving average price of $176.04 and a 200-day moving average price of $160.81.

State Street (NYSE:STT) last announced its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.68 by $0.01. State Street had a return on equity of 16.11% and a net margin of 15.81%. The business had revenue of $4 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the prior year, the company earned $2.78 EPS. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. Equities research analysts expect that State Street Corporation will post 13.78 earnings per share for the current fiscal year.

State Street Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792 as Union Bank, it has a long history serving institutional clients and is among the oldest financial institutions in the United States. The company provides investment servicing, including custody, fund administration, accounting, and related middle- and back-office services. Its clients include asset managers, pension funds, insurers, and other financial institutions. Through State Street Investment Management, the company also offers investment management services and investment products, including the SPDR family of exchange-traded funds.