Private Management Group Inc. Has $42.38 Million Stock Position in State Street Co. (NYSE:STT)

Private Management Group Inc. cut its position in State Street Co. (NYSE:STT - Free Report) by 11.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 478,977 shares of the asset manager's stock after selling 63,065 shares during the quarter. State Street comprises approximately 1.5% of Private Management Group Inc.'s holdings, making the stock its 8th biggest position. Private Management Group Inc. owned approximately 0.16% of State Street worth $42,375,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Capital International Investors grew its position in shares of State Street by 0.5% in the 1st quarter. Capital International Investors now owns 6,626,753 shares of the asset manager's stock valued at $512,381,000 after acquiring an additional 31,314 shares during the period. LSV Asset Management grew its holdings in State Street by 30.6% during the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager's stock worth $390,897,000 after purchasing an additional 1,238,251 shares during the period. Metropolis Capital Ltd increased its position in State Street by 3.9% during the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager's stock worth $379,209,000 after buying an additional 161,466 shares during the last quarter. Cooke & Bieler LP raised its stake in State Street by 3.1% in the 2nd quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager's stock valued at $262,795,000 after acquiring an additional 105,222 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in State Street by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager's stock valued at $224,466,000 after acquiring an additional 259,729 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on STT shares. Wells Fargo & Company raised their target price on shares of State Street from $98.00 to $106.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. StockNews.com raised State Street from a "hold" rating to a "buy" rating in a report on Wednesday, October 16th. The Goldman Sachs Group increased their price objective on State Street from $98.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft increased their target price on shares of State Street from $79.00 to $87.00 and gave the company a "hold" rating in a research report on Monday, September 23rd. Finally, Royal Bank of Canada lifted their price objective on State Street from $85.00 to $91.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $91.39.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 13,859 shares of the business's stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.31% of the company's stock.

State Street Price Performance

Shares of STT remained flat at $92.80 during mid-day trading on Friday. The stock had a trading volume of 2,158,886 shares, compared to its average volume of 2,242,916. The stock has a market cap of $27.71 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 1.19 and a beta of 1.46. The business has a 50-day simple moving average of $88.14 and a 200-day simple moving average of $80.71. State Street Co. has a 52-week low of $65.16 and a 52-week high of $94.60. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping 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%. State Street's quarterly revenue was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 earnings per share. Sell-side analysts anticipate that State Street Co. will post 8.38 earnings per share for the current fiscal year.

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.