Pine Valley Investments Ltd Liability Co Sells 26,947 Shares of State Street Co. (NYSE:STT)

Pine Valley Investments Ltd Liability Co reduced its stake in shares of State Street Co. (NYSE:STT) by 76.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 8,113 shares of the asset manager’s stock after selling 26,947 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in State Street were worth $718,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of State Street by 1.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 310,909 shares of the asset manager’s stock worth $27,506,000 after purchasing an additional 4,936 shares in the last quarter. Coldstream Capital Management Inc. boosted its stake in State Street by 12.1% in the third quarter. Coldstream Capital Management Inc. now owns 4,514 shares of the asset manager’s stock worth $404,000 after buying an additional 486 shares in the last quarter. Geode Capital Management LLC boosted its stake in State Street by 0.6% in the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after buying an additional 41,442 shares in the last quarter. Groupama Asset Managment grew its position in State Street by 22.0% during the third quarter. Groupama Asset Managment now owns 10,674 shares of the asset manager’s stock valued at $944,000 after acquiring an additional 1,927 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its stake in shares of State Street by 6.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 91,247 shares of the asset manager’s stock worth $8,073,000 after acquiring an additional 5,167 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the transaction, the executive vice president now 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 disclosure for this sale can be found here. Insiders sold a total of 26,460 shares of company stock worth $2,499,860 in the last three months. 0.31% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $102.00 to $139.00 in a research note on Monday, December 9th. Evercore ISI raised their target price on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Company raised their price target on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, State Street presently has an average rating of “Hold” and an average target price of $97.32.

State Street Stock Performance

State Street stock opened at $100.48 on Friday. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $101.91. The stock has a market cap of $29.45 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 1.23 and a beta of 1.44. The stock’s 50 day simple moving average is $94.68 and its two-hundred day simple moving average is $85.25. 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 (NYSE:STT) last issued its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.93 earnings per share. As a group, analysts expect that State Street Co. will post 8.42 earnings per share for the current fiscal year.

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.