State Street Corp (STT) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lessened its stake in State Street Corp (NYSE:STT) by 0.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 667,071 shares of the asset manager’s stock after selling 1,624 shares during the quarter. Franklin Resources Inc. owned about 0.18% of State Street worth $55,886,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Commonwealth Equity Services LLC boosted its holdings in shares of State Street by 1.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 35,179 shares of the asset manager’s stock valued at $3,275,000 after purchasing an additional 604 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of State Street by 17.8% in the 2nd quarter. IFP Advisors Inc now owns 4,200 shares of the asset manager’s stock valued at $391,000 after purchasing an additional 635 shares during the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of State Street by 36.1% in the 2nd quarter. SRS Capital Advisors Inc. now owns 2,431 shares of the asset manager’s stock valued at $226,000 after purchasing an additional 645 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of State Street by 20.8% in the 2nd quarter. Private Advisor Group LLC now owns 3,967 shares of the asset manager’s stock valued at $372,000 after purchasing an additional 682 shares during the last quarter. Finally, World Asset Management Inc boosted its holdings in shares of State Street by 3.1% in the 3rd quarter. World Asset Management Inc now owns 23,543 shares of the asset manager’s stock valued at $1,972,000 after purchasing an additional 698 shares during the last quarter. Institutional investors own 87.22% of the company’s stock.

In other news, Director Saint-Aignan Patrick De purchased 500 shares of the company’s stock in a transaction that occurred on Tuesday, October 23rd. The shares were purchased at an average price of $68.62 per share, with a total value of $34,310.00. Following the purchase, 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Louis D. Maiuri purchased 740 shares of the company’s stock in a transaction that occurred on Wednesday, October 24th. The shares were purchased at an average cost of $67.60 per share, for a total transaction of $50,024.00. Following the purchase, 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.

A number of equities analysts have weighed in on the stock. Zacks Investment Research lowered shares of State Street from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Credit Suisse Group reduced their target price on shares of State Street from $88.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday. Wells Fargo & Co reduced their target price on shares of State Street from $92.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday. ValuEngine lowered shares of State Street from a “sell” rating to a “strong sell” rating in a report on Friday, October 19th. Finally, Wolfe Research started coverage on shares of State Street in a report on Tuesday, September 25th. They set a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $100.40.

NYSE:STT opened at $65.04 on Friday. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. The firm has a market cap of $25.74 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 0.99 and a beta of 1.35. State Street Corp has a twelve month low of $63.40 and a twelve month high of $114.27.

State Street (NYSE:STT) last posted its earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.89 by ($0.02). The business had revenue of $2.95 billion for 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 business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.71 EPS. Sell-side analysts forecast that State Street Corp will post 7.42 EPS for the current 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.

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

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