Cornerstone Investment Partners LLC cut its stake in shares of State Street Corp. (NYSE:STT) by 25.6% during the third quarter, Holdings Channel reports. The fund owned 1,070,788 shares of the company’s stock after selling 368,126 shares during the period. State Street Corp. makes up about 3.2% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 15th largest position. Cornerstone Investment Partners LLC owned 0.27% of State Street Corp. worth $74,559,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in STT. Fuller & Thaler Asset Management Inc. acquired a new stake in State Street Corp. during the second quarter valued at approximately $113,000. Advisory Services Network LLC boosted its stake in State Street Corp. by 4.4% in the second quarter. Advisory Services Network LLC now owns 2,154 shares of the company’s stock valued at $116,000 after buying an additional 90 shares during the period. Rockefeller Financial Services Inc. boosted its stake in State Street Corp. by 86.3% in the second quarter. Rockefeller Financial Services Inc. now owns 2,235 shares of the company’s stock valued at $121,000 after buying an additional 1,035 shares during the period. Euclid Advisors LLC acquired a new stake in State Street Corp. during the second quarter valued at approximately $147,000. Finally, Peoples Financial Services CORP. boosted its stake in State Street Corp. by 7.2% in the second quarter. Peoples Financial Services CORP. now owns 2,968 shares of the company’s stock valued at $160,000 after buying an additional 200 shares during the period. 85.27% of the stock is owned by hedge funds and other institutional investors.
State Street Corp. (NYSE:STT) traded down 1.02% during midday trading on Monday, hitting $77.64. The company had a trading volume of 766,607 shares. The company has a market cap of $29.95 billion, a P/E ratio of 15.89 and a beta of 1.32. The company’s 50 day moving average is $73.10 and its 200-day moving average is $65.93. State Street Corp. has a one year low of $50.60 and a one year high of $79.27.
State Street Corp. (NYSE:STT) last released its earnings results on Wednesday, October 26th. The company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.10. The company had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.72 billion. State Street Corp. had a net margin of 19.97% and a return on equity of 11.59%. State Street Corp.’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 EPS. On average, equities analysts predict that State Street Corp. will post $5.09 EPS for the current year.
STT has been the subject of several recent analyst reports. Jefferies Group restated a “buy” rating and issued a $81.00 price target on shares of State Street Corp. in a report on Tuesday, November 1st. Zacks Investment Research upgraded State Street Corp. from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a report on Tuesday, November 15th. boosted their target price on State Street Corp. from $60.00 to $73.00 and gave the stock an “underperform” rating in a report on Friday, September 23rd. Morgan Stanley upgraded State Street Corp. from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $64.00 to $84.00 in a report on Monday, November 14th. Finally, TheStreet upgraded State Street Corp. from a “hold” rating to a “buy” rating in a report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $72.81.
In other news, EVP Jeffrey N. Carp sold 15,000 shares of the company’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $69.26, for a total value of $1,038,900.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Karen C. Keenan sold 7,500 shares of the company’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $70.00, for a total transaction of $525,000.00. Following the completion of the sale, the executive vice president now directly owns 49,547 shares in the company, valued at $3,468,290. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by insiders.
About State Street Corp.
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.