Applied Finance Capital Management LLC Decreases Position in State Street Co. (NYSE:STT)

Applied Finance Capital Management LLC cut its stake in State Street Co. (NYSE:STT) by 23.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,743 shares of the asset manager’s stock after selling 3,014 shares during the quarter. Applied Finance Capital Management LLC’s holdings in State Street were worth $862,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STT. Capital Performance Advisors LLP acquired a new position in shares of State Street during the 3rd quarter worth approximately $54,000. Principal Financial Group Inc. lifted its holdings in State Street by 1.2% in the third quarter. Principal Financial Group Inc. now owns 346,252 shares of the asset manager’s stock valued at $30,633,000 after acquiring an additional 4,052 shares during the last quarter. Sentry Investment Management LLC acquired a new position in State Street in the third quarter valued at approximately $125,000. Catalyst Capital Advisors LLC acquired a new position in State Street in the third quarter valued at approximately $198,000. Finally, QRG Capital Management Inc. lifted its holdings in State Street by 9.5% in the third quarter. QRG Capital Management Inc. now owns 26,018 shares of the asset manager’s stock valued at $2,302,000 after acquiring an additional 2,261 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of STT opened at $94.78 on Friday. State Street Co. has a fifty-two week low of $66.27 and a fifty-two week high of $98.45. The company has a market capitalization of $27.78 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 1.24 and a beta of 1.46. The firm has a 50-day simple moving average of $89.02 and a 200-day simple moving average of $81.38. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 9.87% and a return on equity of 12.02%. The firm’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.93 earnings per share. On average, equities research analysts anticipate that State Street Co. will post 8.38 earnings per share for the current year.

Insider Buying and Selling

In other State Street news, EVP John Plansky sold 13,859 shares of the stock in a transaction dated 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 completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.31% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

STT has been the topic of a number of recent analyst reports. Evercore ISI upped their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Royal Bank of Canada boosted their target price on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company boosted their target price on State Street from $98.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley upped their price objective on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $91.39.

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.