State Street Corporation $STT Stock Sold by Metropolis Capital Ltd

Key Points

• Metropolis Capital cut its State Street stake by 43% in the third quarter, selling 590,550 shares and retaining 784,340 shares worth approximately $136.9 million. Institutional investors and hedge funds collectively own 87.44% of State Street.
• State Street reported quarterly earnings of $3.69 per share, narrowly beating estimates, while revenue rose 12.9% year over year to $4 billion. Analysts expect $13.77 in full-year EPS.
• Wall Street maintains a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $189.74, although some analysts recently lowered or maintained their targets.

Metropolis Capital Ltd lessened its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 43.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 784,340 shares of the asset manager's stock after selling 590,550 shares during the period. State Street accounts for about 3.8% of Metropolis Capital Ltd's investment portfolio, making the stock its 10th biggest holding. Metropolis Capital Ltd owned 0.29% of State Street worth $136,938,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in STT. Philadelphia Investment Partners LLC acquired a new stake in State Street in the 2nd quarter valued at approximately $26,000. Bell Investment Advisors Inc bought a new stake in State Street during the 2nd quarter valued at $28,000. Elevation Wealth Partners LLC raised its stake in State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock valued at $30,000 after acquiring an additional 106 shares in the last quarter. Continuum Advisory LLC bought a new stake in State Street during the 2nd quarter valued at $30,000. Finally, Kelleher Financial Advisors acquired a new position in State Street during the 2nd quarter worth $33,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

Shares of NYSE STT traded up $1.34 during mid-day trading on Tuesday, reaching $166.78. 535,816 shares of the company traded hands, compared to its average volume of 2,134,427. State Street Corporation has a fifty-two week low of $111.63 and a fifty-two week high of $195.93. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.59. The firm has a market cap of $45.81 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The stock has a fifty day simple moving average of $183.79 and a 200-day simple moving average of $170.17.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Wednesday, October 14th. The asset manager reported $3.69 EPS for the quarter, topping the consensus estimate of $3.68 by $0.01. The firm had revenue of $4 billion for the quarter, compared to analysts' expectations of $4.03 billion. State Street had a return on equity of 16.36% and a net margin of 15.81%. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.78 earnings per share. Equities research analysts anticipate that State Street Corporation will post 13.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on STT shares. Weiss Ratings cut State Street from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, October 6th. Citigroup cut their price objective on shares of State Street from $212.00 to $190.00 and set a "buy" rating on the stock in a research note on Friday. Morgan Stanley lifted their price objective on shares of State Street from $183.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Bank of America upped their price objective on shares of State Street from $160.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Finally, Barclays increased their target price on shares of State Street from $165.00 to $200.00 and gave the company an "equal weight" rating in a research report on Friday, July 17th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, State Street has a consensus rating of "Moderate Buy" and a consensus price target of $189.74.

Insider Activity

In other news, EVP W. Hu sold 9,758 shares of State Street stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company's stock.

State Street Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company's businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.

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