State Street Corporation (STT) Stake Lessened by Spinnaker Trust

Spinnaker Trust lowered its position in shares of State Street Corporation (NYSE:STT) by 22.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,756 shares of the asset manager’s stock after selling 1,700 shares during the period. Spinnaker Trust’s holdings in State Street Corporation were worth $549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Salem Investment Counselors Inc. increased its holdings in shares of State Street Corporation by 2,677.8% during the 1st quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock worth $131,000 after buying an additional 964 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of State Street Corporation by 18.0% during the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock worth $105,000 after buying an additional 172 shares during the last quarter. Penserra Capital Management LLC acquired a new stake in shares of State Street Corporation during the 2nd quarter worth approximately $107,000. Bronfman E.L. Rothschild L.P. increased its holdings in shares of State Street Corporation by 15.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after buying an additional 168 shares during the last quarter. Finally, NEXT Financial Group Inc increased its holdings in shares of State Street Corporation by 5.5% during the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock worth $130,000 after buying an additional 75 shares during the last quarter. Institutional investors and hedge funds own 87.81% of the company’s stock.

In other news, insider Hannah M. Grove sold 3,200 shares of State Street Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the transaction, the insider now directly owns 39,896 shares of the company’s stock, valued at $3,692,374.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew Erickson sold 353 shares of State Street Corporation stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of the transaction, the insider now directly owns 21,170 shares in the company, valued at $1,969,021.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,814 shares of company stock worth $353,485. 0.71% of the stock is currently owned by insiders.

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Shares of State Street Corporation (NYSE STT) traded up 0.38% during mid-day trading on Monday, hitting $93.87. 252,744 shares of the company’s stock traded hands. The stock has a market cap of $35.10 billion, a P/E ratio of 17.33 and a beta of 1.31. The stock has a 50 day moving average price of $96.26 and a 200-day moving average price of $89.87. State Street Corporation has a 1-year low of $69.49 and a 1-year high of $99.99.

State Street Corporation (NYSE:STT) last released its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.10. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. State Street Corporation had a net margin of 20.56% and a return on equity of 13.03%. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $1.35 earnings per share. Equities research analysts anticipate that State Street Corporation will post $6.26 EPS for the current fiscal year.

Several analysts recently weighed in on STT shares. Zacks Investment Research downgraded shares of State Street Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 29th. Citigroup Inc. restated a “neutral” rating and issued a $102.00 price target (up previously from $88.00) on shares of State Street Corporation in a research note on Monday, October 9th. Keefe, Bruyette & Woods set a $93.00 price target on shares of State Street Corporation and gave the stock a “hold” rating in a research note on Monday, August 28th. Barclays PLC boosted their price target on shares of State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Finally, Morgan Stanley boosted their price target on shares of State Street Corporation from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 24th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $97.07.

State Street Corporation Company Profile

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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Institutional Ownership by Quarter for State Street Corporation (NYSE:STT)

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