Canada Pension Plan Investment Board lessened its holdings in State Street Corp (NYSE:STT) by 40.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 202,146 shares of the asset manager’s stock after selling 137,625 shares during the period. Canada Pension Plan Investment Board owned approximately 0.05% of State Street worth $16,936,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in STT. CI Investments Inc. bought a new stake in shares of State Street in the 3rd quarter worth approximately $101,000. Moneta Group Investment Advisors LLC raised its holdings in shares of State Street by 3,604.1% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 29,633 shares of the asset manager’s stock worth $103,000 after purchasing an additional 28,833 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of State Street in the 2nd quarter worth approximately $109,000. Patriot Financial Group Insurance Agency LLC raised its holdings in shares of State Street by 1,855.1% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,349 shares of the asset manager’s stock worth $113,000 after purchasing an additional 1,280 shares during the period. Finally, Sageworth Trust Co raised its holdings in shares of State Street by 1,151.7% in the 3rd quarter. Sageworth Trust Co now owns 1,815 shares of the asset manager’s stock worth $152,000 after purchasing an additional 1,670 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.
Shares of STT stock opened at $73.02 on Monday. 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 Corp has a 1 year low of $65.81 and a 1 year high of $114.27. The firm has a market cap of $27.71 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 1.07 and a beta of 1.34.
State Street (NYSE:STT) last issued its earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.02). State Street had a net margin of 19.90% and a return on equity of 14.99%. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the previous year, the firm earned $1.71 EPS. The company’s revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts expect that State Street Corp will post 7.43 EPS for the current fiscal year.
In other State Street news, Director Saint-Aignan Patrick De bought 500 shares of the stock in a transaction on Tuesday, October 23rd. The shares were acquired at an average price of $68.62 per share, with a total value of $34,310.00. Following the acquisition, the director now directly owns 25,138 shares of the company’s stock, valued at approximately $1,724,969.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Louis D. Maiuri bought 740 shares of the stock in a transaction on Wednesday, October 24th. The shares were acquired at an average cost of $67.60 per share, for a total transaction of $50,024.00. Following the acquisition, the executive vice president now directly owns 45,314 shares in the company, valued at $3,063,226.40. The disclosure for this purchase can be found here. Insiders own 0.40% of the company’s stock.
STT has been the topic of a number of research reports. Goldman Sachs Group initiated coverage on shares of State Street in a report on Thursday, October 11th. They issued a “buy” rating on the stock. Keefe, Bruyette & Woods set a $90.00 price target on shares of State Street and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Royal Bank of Canada reaffirmed a “hold” rating and issued a $95.00 price target on shares of State Street in a report on Sunday, October 21st. ValuEngine cut shares of State Street from a “sell” rating to a “strong sell” rating in a report on Friday, October 19th. Finally, Barclays lowered their price target on shares of State Street from $110.00 to $105.00 and set an “overweight” rating on the stock in a report on Monday, October 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $102.47.
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About State Street
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.
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