Dimensional Fund Advisors LP lessened its stake in shares of State Street Corporation (NYSE:STT) by 0.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,656,724 shares of the asset manager’s stock after selling 6,635 shares during the period. Dimensional Fund Advisors LP owned approximately 0.45% of State Street worth $158,285,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. IFP Advisors Inc increased its holdings in shares of State Street by 8.7% in the 2nd quarter. IFP Advisors Inc now owns 2,580 shares of the asset manager’s stock worth $232,000 after purchasing an additional 207 shares in the last quarter. Beach Investment Management LLC. bought a new stake in shares of State Street in the 2nd quarter worth $598,000. Global X Management Co. LLC increased its holdings in shares of State Street by 52.1% in the 2nd quarter. Global X Management Co. LLC now owns 3,818 shares of the asset manager’s stock worth $343,000 after purchasing an additional 1,307 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of State Street by 2.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,178,098 shares of the asset manager’s stock worth $105,711,000 after purchasing an additional 28,434 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of State Street by 32.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 52,201 shares of the asset manager’s stock worth $4,802,000 after purchasing an additional 12,929 shares in the last quarter. 88.10% of the stock is owned by institutional investors.
STT has been the subject of a number of research analyst reports. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating in a report on Thursday, October 12th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and set a $110.00 target price for the company in a report on Tuesday. Morgan Stanley lifted their target price on State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. Finally, Royal Bank of Canada reduced their target price on State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. State Street presently has an average rating of “Hold” and an average price target of $97.60.
State Street (NYSE:STT) last released its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.10. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. State Street had a return on equity of 13.03% and a net margin of 20.56%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the business posted $1.35 EPS. sell-side analysts expect that State Street Corporation will post 6.25 earnings per share for the current year.
In related news, insider Hannah M. Grove sold 3,200 shares of State Street stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total transaction of $296,448.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total value of $2,315,000.00. The disclosure for this sale can be found here. Insiders have sold 28,724 shares of company stock worth $2,659,741 over the last quarter. 0.71% of the stock is owned by company insiders.
About State Street
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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