State Street Co. (NYSE:STT) Stake Cut by Pitcairn Co.

Pitcairn Co. cut its position in shares of State Street Co. (NYSE:STT) by 27.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,865 shares of the asset manager’s stock after selling 9,282 shares during the quarter. Pitcairn Co.’s holdings in State Street were worth $2,200,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. LSV Asset Management lifted its stake in State Street by 30.6% during the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after purchasing an additional 1,238,251 shares during the last quarter. Metropolis Capital Ltd lifted its stake in State Street by 3.9% during the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock worth $379,209,000 after purchasing an additional 161,466 shares during the last quarter. Cooke & Bieler LP lifted its stake in State Street by 3.1% during the second quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock worth $262,795,000 after purchasing an additional 105,222 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in State Street by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager’s stock worth $224,466,000 after purchasing an additional 259,729 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its stake in State Street by 11.2% in the second quarter. AustralianSuper Pty Ltd now owns 1,901,788 shares of the asset manager’s stock valued at $140,732,000 after buying an additional 191,679 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

STT has been the topic of a number of recent research reports. Morgan Stanley raised their target price on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research note on Wednesday. Barclays raised their target price on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group raised their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Company raised their target price on State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, State Street has an average rating of “Hold” and an average target price of $92.11.

Insider Buying and Selling

In related news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the transaction, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is owned by corporate insiders.

State Street Price Performance

Shares of STT opened at $97.50 on Friday. The firm has a market capitalization of $28.58 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 1.19 and a beta of 1.46. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. State Street Co. has a one year low of $69.56 and a one year high of $98.45. The stock’s fifty day moving average is $91.29 and its 200-day moving average is $82.96.

State Street (NYSE:STT) last issued 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. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period last year, the company earned $1.93 earnings per share. Equities analysts anticipate that State Street Co. will post 8.42 EPS for the current year.

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.