Pendal Group Ltd Sells 230 Shares of State Street Corp (NYSE:STT)
Pendal Group Ltd decreased its position in State Street Corp (NYSE:STT) by 5.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,122 shares of the asset manager’s stock after selling 230 shares during the quarter. Pendal Group Ltd’s holdings in State Street were worth $231,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. CWM LLC increased its position in State Street by 693.4% during the second quarter. CWM LLC now owns 484 shares of the asset manager’s stock worth $27,000 after acquiring an additional 423 shares during the period. Harvest Group Wealth Management LLC bought a new position in State Street during the first quarter worth $28,000. Putnam FL Investment Management Co. bought a new position in State Street during the second quarter worth $28,000. Zions Bancorporation N.A. bought a new position in State Street during the first quarter worth $40,000. Finally, NuWave Investment Management LLC increased its position in State Street by 50.8% during the second quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock worth $42,000 after acquiring an additional 250 shares during the period. 89.41% of the stock is currently owned by institutional investors.
A number of equities analysts recently issued reports on STT shares. Buckingham Research dropped their target price on shares of State Street from $83.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, June 12th. ValuEngine lowered shares of State Street from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Morgan Stanley lowered shares of State Street from an “overweight” rating to an “underweight” rating and lowered their price target for the company from $69.00 to $55.00 in a report on Monday, July 8th. Raymond James boosted their price target on shares of State Street from $68.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, July 22nd. Finally, Bank of America reissued a “buy” rating and issued a $65.00 price target (down previously from $75.00) on shares of State Street in a report on Thursday, June 6th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $68.42.
State Street (NYSE:STT) last issued its earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.05. State Street had a net margin of 17.66% and a return on equity of 12.13%. The company had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the previous year, the company earned $2.05 EPS. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, analysts forecast that State Street Corp will post 5.73 EPS for the current year.
In related news, Director Saint-Aignan Patrick De purchased 500 shares of State Street stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average price of $58.85 per share, for a total transaction of $29,425.00. Following the transaction, the director now directly owns 28,793 shares in the company, valued at $1,694,468.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeffrey N. Carp sold 25,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $51.72, for a total transaction of $1,293,000.00. The disclosure for this sale can be found here. Insiders bought a total of 3,500 shares of company stock worth $199,745 in the last 90 days. 0.40% of the stock is owned by corporate insiders.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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