New York State Teachers Retirement System Lowers Stock Position in State Street Co. (NYSE:STT)

New York State Teachers Retirement System trimmed its holdings in shares of State Street Co. (NYSE:STT) by 2.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 292,921 shares of the asset manager’s stock after selling 8,741 shares during the period. New York State Teachers Retirement System owned about 0.10% of State Street worth $25,915,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. abrdn plc raised its position in State Street by 3.6% in the third quarter. abrdn plc now owns 581,105 shares of the asset manager’s stock worth $51,166,000 after acquiring an additional 20,146 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new position in shares of State Street during the 3rd quarter worth $216,000. DekaBank Deutsche Girozentrale increased its holdings in shares of State Street by 1.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 97,443 shares of the asset manager’s stock valued at $8,564,000 after purchasing an additional 991 shares in the last quarter. Forsta AP Fonden lifted its stake in shares of State Street by 8.4% in the third quarter. Forsta AP Fonden now owns 68,300 shares of the asset manager’s stock valued at $6,043,000 after purchasing an additional 5,300 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in State Street by 43.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,815 shares of the asset manager’s stock worth $6,069,000 after buying an additional 20,968 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the sale, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on STT shares. Bank of America lifted their price target on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Citigroup lifted their price objective on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Morgan Stanley upped their target price on State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on State Street from $98.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, Wolfe Research reissued an “underperform” rating and issued a $73.00 price objective on shares of State Street in a research note on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, State Street currently has an average rating of “Hold” and an average target price of $91.39.

State Street Stock Down 0.1 %

Shares of NYSE STT opened at $92.81 on Friday. The firm has a market cap of $27.71 billion, a P/E ratio of 14.66, a price-to-earnings-growth ratio of 1.16 and a beta of 1.48. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.54 and a current ratio of 0.56. State Street Co. has a 1 year low of $63.57 and a 1 year high of $94.60. The firm’s 50 day moving average price is $87.96 and its 200 day moving average price is $80.53.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the previous year, the business earned $1.93 earnings per share. The business’s revenue for the quarter was up 21.1% on a year-over-year basis. As a group, sell-side analysts anticipate that State Street Co. will post 8.38 earnings per share 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.