Bank of Montreal Can Reduces Position in State Street Corporation $STT

Bank of Montreal Can decreased its position in shares of State Street Corporation (NYSE:STT) by 4.9% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 690,499 shares of the asset manager’s stock after selling 35,859 shares during the quarter. Bank of Montreal Can’s holdings in State Street were worth $73,428,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Assetmark Inc. lifted its stake in shares of State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager’s stock valued at $84,000 after buying an additional 357 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of State Street by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock valued at $30,387,000 after buying an additional 5,242 shares in the last quarter. Index Fund Advisors Inc. purchased a new position in shares of State Street during the 1st quarter valued at $505,000. Bank of New York Mellon Corp lifted its stake in shares of State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager’s stock valued at $195,764,000 after buying an additional 123,259 shares in the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of State Street by 2.2% during the 2nd quarter. Nordea Investment Management AB now owns 2,273,567 shares of the asset manager’s stock valued at $241,862,000 after buying an additional 49,475 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Morgan Stanley lifted their target price on shares of State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Keefe, Bruyette & Woods lifted their target price on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Wells Fargo & Company boosted their price target on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Finally, Cowen reiterated a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $125.92.

State Street Stock Performance

State Street stock opened at $116.12 on Wednesday. The company’s 50-day moving average price is $114.40 and its 200-day moving average price is $106.53. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $119.33. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The company has a market cap of $32.94 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 1.24 and a beta of 1.46.

State Street (NYSE:STT) last posted its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The firm had revenue of $13 billion for the quarter, compared to the consensus estimate of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.26 EPS. On average, equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

State Street Company 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.