Yacktman Asset Management LP Decreases Stake in State Street Co. (NYSE:STT)

Yacktman Asset Management LP lowered its position in shares of State Street Co. (NYSE:STT) by 7.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,967,829 shares of the asset manager’s stock after selling 255,528 shares during the quarter. State Street accounts for approximately 2.7% of Yacktman Asset Management LP’s investment portfolio, making the stock its 12th biggest holding. Yacktman Asset Management LP owned 0.99% of State Street worth $262,564,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. LRI Investments LLC purchased a new position in State Street in the first quarter worth $25,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of State Street in the 2nd quarter worth about $27,000. Versant Capital Management Inc grew its position in State Street by 411.9% during the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after buying an additional 416 shares during the period. Trust Co. of Vermont grew its position in State Street by 44.4% during the second quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock valued at $48,000 after buying an additional 200 shares during the period. Finally, Family Firm Inc. purchased a new stake in State Street during the second quarter worth about $61,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Down 0.6 %

Shares of NYSE:STT opened at $92.26 on Tuesday. The firm has a fifty day moving average price of $88.29 and a two-hundred day moving average price of $80.90. The company has a market cap of $27.55 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 1.19 and a beta of 1.46. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. State Street Co. has a one year low of $66.00 and a one year high of $94.60.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same quarter last year, the company earned $1.93 earnings per share. The firm’s quarterly revenue was up 21.1% on a year-over-year basis. Analysts anticipate that State Street Co. will post 8.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on STT shares. Evercore ISI increased their target price on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Bank of America increased their price objective on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Royal Bank of Canada boosted their target price on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Barclays increased their price target on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, Citigroup boosted their price objective on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $91.39.

Insider Buying and Selling

In other State Street news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.31% of the stock is owned by company insiders.

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, 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.