Commerzbank Aktiengesellschaft FI Lowers Stock Position in State Street Co. (NYSE:STT)

Commerzbank Aktiengesellschaft FI cut its stake in shares of State Street Co. (NYSE:STT) by 46.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 15,992 shares of the asset manager’s stock after selling 13,632 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in State Street were worth $1,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of State Street by 4.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after purchasing an additional 40,835 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of State Street by 3.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after purchasing an additional 6,363 shares during the period. M&G Plc acquired a new stake in shares of State Street during the first quarter worth $7,626,000. Cetera Investment Advisers lifted its holdings in shares of State Street by 127.8% during the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after purchasing an additional 24,906 shares during the period. Finally, FORA Capital LLC lifted its holdings in shares of State Street by 549.0% during the first quarter. FORA Capital LLC now owns 27,425 shares of the asset manager’s stock worth $2,121,000 after purchasing an additional 23,199 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on STT shares. Evercore ISI increased their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group raised their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Citigroup raised their target price on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Wolfe Research reissued an “underperform” rating and issued a $73.00 target price on shares of State Street in a report on Monday, July 8th. Finally, StockNews.com raised State Street from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $91.39.

State Street Trading Up 1.8 %

State Street stock opened at $91.45 on Thursday. The stock has a market cap of $27.55 billion, a PE ratio of 17.13, a P/E/G ratio of 1.17 and a beta of 1.48. The stock has a 50-day moving average price of $86.62 and a 200 day moving average price of $79.86. State Street Co. has a 52 week low of $62.78 and a 52 week high of $94.60. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.93 EPS. Equities research analysts predict that State Street Co. will post 8.36 earnings per share for the current fiscal year.

Insider Transactions at State Street

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.31% of the company’s stock.

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.