State Street Co. (NYSE:STT) Position Lessened by King Luther Capital Management Corp

King Luther Capital Management Corp lowered its position in State Street Co. (NYSE:STT) by 1.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,876 shares of the asset manager’s stock after selling 200 shares during the quarter. King Luther Capital Management Corp’s holdings in State Street were worth $1,316,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Cetera Investment Advisers lifted its stake in shares of State Street by 127.8% in the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of State Street in the first quarter worth about $908,000. KBC Group NV increased its holdings in shares of State Street by 20.5% during the 3rd quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock valued at $6,607,000 after acquiring an additional 12,707 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in shares of State Street by 17.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock valued at $12,124,000 after acquiring an additional 20,183 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its holdings in State Street by 39.3% in the 2nd quarter. Ensign Peak Advisors Inc now owns 145,859 shares of the asset manager’s stock worth $10,794,000 after purchasing an additional 41,180 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 1.2 %

STT opened at $97.50 on Friday. State Street Co. has a fifty-two week low of $69.56 and a fifty-two week high of $98.45. The company has a market capitalization of $28.58 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.19 and a beta of 1.46. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The firm’s fifty day moving average price is $91.29 and its two-hundred day moving average price is $82.96.

State Street (NYSE:STT) last issued its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates 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 was up 21.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 EPS. On average, analysts anticipate that State Street Co. will post 8.42 EPS for the current year.

Insider Activity

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Barclays increased their price target on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Morgan Stanley raised their target price on shares of State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. The Goldman Sachs Group raised their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Evercore ISI increased their target price on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note 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 assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.