M&G Plc Decreases Stock Position in State Street Co. (NYSE:STT)

M&G Plc decreased its position in shares of State Street Co. (NYSE:STT) by 88.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,199 shares of the asset manager’s stock after selling 112,474 shares during the period. M&G Plc’s holdings in State Street were worth $1,250,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Duality Advisers LP boosted its holdings in State Street by 85.8% in the first quarter. Duality Advisers LP now owns 6,808 shares of the asset manager’s stock valued at $526,000 after purchasing an additional 3,143 shares during the last quarter. Empirical Finance LLC grew its position in shares of State Street by 3.0% during the first quarter. Empirical Finance LLC now owns 12,365 shares of the asset manager’s stock worth $956,000 after buying an additional 365 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of State Street by 11.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 8,282 shares of the asset manager’s stock worth $640,000 after buying an additional 839 shares during the last quarter. Empowered Funds LLC raised its holdings in State Street by 14.9% in the first quarter. Empowered Funds LLC now owns 3,831 shares of the asset manager’s stock valued at $296,000 after acquiring an additional 498 shares in the last quarter. Finally, Forsta AP Fonden boosted its stake in State Street by 19.7% during the 1st quarter. Forsta AP Fonden now owns 75,900 shares of the asset manager’s stock valued at $5,869,000 after acquiring an additional 12,500 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Bank of America upped their target price on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. StockNews.com upgraded State Street from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Wells Fargo & Company upped their price target on State Street from $98.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group lifted their price objective on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Morgan Stanley increased their target price on shares of State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $91.39.

State Street Price Performance

NYSE STT opened at $94.78 on Friday. The company has a 50-day moving average price of $89.02 and a two-hundred day moving average price of $81.38. State Street Co. has a 52 week low of $66.27 and a 52 week high of $98.45. The stock has a market cap 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 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 data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.93 EPS. Analysts forecast that State Street Co. will post 8.38 EPS for the current year.

Insider Transactions at State Street

In related news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.31% of the company’s stock.

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.