Kiltearn Partners LLP Cuts Stake in State Street Co. (NYSE:STT)

Kiltearn Partners LLP lessened its holdings in shares of State Street Co. (NYSE:STT) by 42.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 162,900 shares of the asset manager’s stock after selling 119,700 shares during the period. State Street makes up about 2.0% of Kiltearn Partners LLP’s portfolio, making the stock its 21st biggest holding. Kiltearn Partners LLP owned about 0.06% of State Street worth $14,412,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in shares of State Street during the first quarter worth about $25,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of State Street in the second quarter worth $27,000. Versant Capital Management Inc lifted its stake in shares of State Street by 411.9% during the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after buying an additional 416 shares during the period. Coastline Trust Co purchased a new stake in shares of State Street during the third quarter valued at $44,000. Finally, Trust Co. of Vermont increased its position in shares of State Street by 44.4% in the 2nd quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock valued at $48,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $98.80 on Wednesday. The company has a market capitalization of $28.96 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.22 and a beta of 1.46. State Street Co. has a 12-month low of $69.56 and a 12-month high of $99.50. The business’s 50 day moving average is $91.80 and its two-hundred day moving average is $83.33. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping the consensus estimate of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the previous year, the firm earned $1.93 EPS. The firm’s revenue was up 21.1% compared to the same quarter last year. Analysts expect that State Street Co. will post 8.42 EPS for the current fiscal year.

Insider Activity at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Plansky sold 13,859 shares of State Street stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the transaction, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,460 shares of company stock valued at $2,499,860. 0.31% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on STT. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft increased their price target on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Evercore ISI raised their target price on shares of 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 boosted their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Barclays increased their price target on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $92.11.

State Street 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.