State Street Corp (STT) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. trimmed its stake in shares of State Street Corp (NYSE:STT) by 46.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,738 shares of the asset manager’s stock after selling 3,239 shares during the quarter. Bessemer Group Inc.’s holdings in State Street were worth $314,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. James Investment Research Inc. increased its holdings in State Street by 9.4% in the second quarter. James Investment Research Inc. now owns 19,905 shares of the asset manager’s stock valued at $1,853,000 after buying an additional 1,715 shares in the last quarter. Cornerstone Wealth Management LLC purchased a new position in State Street in the second quarter valued at about $754,000. Steward Partners Investment Advisory LLC increased its holdings in State Street by 11.0% in the second quarter. Steward Partners Investment Advisory LLC now owns 7,553 shares of the asset manager’s stock valued at $703,000 after buying an additional 748 shares in the last quarter. Sumitomo Life Insurance Co. increased its holdings in State Street by 4.2% in the second quarter. Sumitomo Life Insurance Co. now owns 18,402 shares of the asset manager’s stock valued at $1,713,000 after buying an additional 741 shares in the last quarter. Finally, Acadian Asset Management LLC increased its holdings in State Street by 10,354.8% in the second quarter. Acadian Asset Management LLC now owns 8,782 shares of the asset manager’s stock valued at $818,000 after buying an additional 8,698 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

In other news, EVP Louis D. Maiuri bought 740 shares of the firm’s stock in a transaction that occurred on Wednesday, October 24th. The shares were purchased at an average price of $67.60 per share, for a total transaction of $50,024.00. Following the completion of the transaction, the executive vice president now owns 45,314 shares in the company, valued at $3,063,226.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Saint-Aignan Patrick De bought 500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 23rd. The shares were purchased at an average price of $68.62 per share, for a total transaction of $34,310.00. Following the transaction, the director now owns 25,138 shares of the company’s stock, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by company insiders.

A number of research analysts have issued reports on STT shares. Deutsche Bank increased their target price on shares of State Street from $98.00 to $99.00 and gave the company a “buy” rating in a report on Thursday, September 27th. Wells Fargo & Co set a $105.00 target price on shares of State Street and gave the company a “buy” rating in a report on Thursday, August 16th. Goldman Sachs Group started coverage on shares of State Street in a report on Thursday, October 11th. They issued a “buy” rating for the company. UBS Group increased their target price on shares of State Street from $96.00 to $98.00 and gave the company a “buy” rating in a report on Monday, October 8th. Finally, Keefe, Bruyette & Woods set a $90.00 target price on shares of State Street and gave the company a “hold” rating in a report on Tuesday, October 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. State Street currently has a consensus rating of “Hold” and an average price target of $102.47.

STT stock opened at $72.09 on Friday. The company has a market capitalization of $27.02 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.04 and a beta of 1.34. State Street Corp has a 12 month low of $65.81 and a 12 month high of $114.27. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 19th. The asset manager reported $1.87 EPS for the quarter, missing the consensus estimate of $1.89 by ($0.02). The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3.02 billion. State Street had a net margin of 19.90% and a return on equity of 14.99%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.71 earnings per share. Equities analysts anticipate that State Street Corp will post 7.43 EPS for the current fiscal year.

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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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

Read More: Depreciation

Institutional Ownership by Quarter for State Street (NYSE:STT)

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