Blue Trust Inc. Lowers Stock Position in State Street Corporation $STT

Key Points

• Blue Trust Inc. significantly reduced its stake in State Street Corporation by 71.3%, now holding only 946 shares worth approximately $101,000.
• Several institutional investors have increased their positions in State Street, with 87.44% of the stock owned by hedge funds and other institutional investors.
• The stock recently faced a 3.3% decline, with an average price target from various analysts set at $122.83, indicating a "Moderate Buy" rating.

Blue Trust Inc. reduced its stake in State Street Corporation (NYSE:STT - Free Report) by 71.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 946 shares of the asset manager's stock after selling 2,349 shares during the quarter. Blue Trust Inc.'s holdings in State Street were worth $101,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. First Pacific Financial purchased a new stake in State Street in the first quarter valued at approximately $25,000. Capital Analysts LLC raised its stake in State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after purchasing an additional 274 shares in the last quarter. Larson Financial Group LLC raised its stake in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after purchasing an additional 118 shares in the last quarter. Golden State Wealth Management LLC grew its position in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after acquiring an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in State Street during the first quarter valued at approximately $46,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on STT. Bank of America increased their price target on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. BMO Capital Markets began coverage on shares of State Street in a research report on Friday, October 3rd. They set an "outperform" rating and a $130.00 price target on the stock. Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. The Goldman Sachs Group increased their price target on shares of State Street from $109.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, October 6th. Finally, Wells Fargo & Company increased their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, State Street currently has an average rating of "Moderate Buy" and an average price target of $122.83.

State Street Stock Down 3.3%

Shares of State Street stock opened at $112.87 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24. The stock has a market capitalization of $32.02 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 1.20 and a beta of 1.46. The company's 50 day moving average price is $113.60 and its 200-day moving average price is $102.88.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter last year, the firm posted $2.15 earnings per share. The firm's revenue was up 2.9% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 9.68 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.

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