OVERSEA CHINESE BANKING Corp Ltd Sells 62,899 Shares of State Street Co. (NYSE:STT)

OVERSEA CHINESE BANKING Corp Ltd cut its holdings in shares of State Street Co. (NYSE:STT) by 67.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,000 shares of the asset manager’s stock after selling 62,899 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in State Street were worth $2,654,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in STT. LRI Investments LLC acquired a new position in State Street during the 1st quarter valued at about $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of State Street in the second quarter valued at approximately $27,000. Versant Capital Management Inc boosted its position in shares of 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 last quarter. Capital Performance Advisors LLP bought a new stake in State Street during the third quarter worth $54,000. Finally, Trust Co. of Vermont raised its position in State Street by 44.4% in the 2nd 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 last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 1.4 %

Shares of State Street stock opened at $95.21 on Wednesday. The stock has a market capitalization of $27.91 billion, a P/E ratio of 15.04, a P/E/G ratio of 1.23 and a beta of 1.46. State Street Co. has a 52-week low of $66.86 and a 52-week high of $98.45. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The stock’s 50-day simple moving average is $89.21 and its 200 day simple moving average is $81.65.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same period in the prior year, the company posted $1.93 EPS. State Street’s revenue was up 21.1% compared to the same quarter last year. As a group, research analysts anticipate that State Street Co. will post 8.42 EPS for the current year.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of analyst reports. Barclays lifted their price objective on shares of State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Wells Fargo & Company upped their price objective on shares of State Street from $98.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Finally, Royal Bank of Canada lifted their price target on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $91.96.

Insiders Place Their Bets

In other news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.31% of the company’s stock.

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, 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.