State Street Corporation $STT Stake Reduced by AGF Management Ltd.

AGF Management Ltd. cut its stake in shares of State Street Corporation (NYSE:STT) by 32.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,776 shares of the asset manager’s stock after selling 3,289 shares during the period. AGF Management Ltd.’s holdings in State Street were worth $721,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after buying an additional 674,120 shares in the last quarter. Northern Trust Corp increased its stake in shares of State Street by 2.8% in the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock worth $381,770,000 after purchasing an additional 115,751 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of State Street by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock valued at $274,732,000 after acquiring an additional 14,011 shares during the period. Eastern Bank boosted its position in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after acquiring an additional 2,947,153 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of State Street by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager’s stock valued at $242,932,000 after buying an additional 49,353 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by company insiders.

State Street Stock Down 0.2%

Shares of STT opened at $119.49 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. The firm has a market cap of $33.37 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. The firm’s 50-day simple moving average is $114.76 and its 200 day simple moving average is $107.71. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $120.81.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The company had revenue of $13 billion for the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.State Street’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the business earned $2.26 earnings per share. On average, analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Cowen reiterated a “buy” rating on shares of State Street in a research report on Tuesday, October 21st. Bank of America upped their price objective on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Wells Fargo & Company raised their target price on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

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.