State Street Co. (NYSE:STT) Stock Position Lessened by Yacktman Asset Management LP

Yacktman Asset Management LP cut its stake in shares of State Street Co. (NYSE:STT - Free Report) by 7.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,967,829 shares of the asset manager's stock after selling 255,528 shares during the period. State Street makes up 2.7% of Yacktman Asset Management LP's holdings, making the stock its 12th biggest holding. Yacktman Asset Management LP owned approximately 0.99% of State Street worth $262,564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Catalyst Capital Advisors LLC purchased a new stake in shares of State Street in the 3rd quarter valued at $198,000. QRG Capital Management Inc. grew its position in State Street by 9.5% in the 3rd quarter. QRG Capital Management Inc. now owns 26,018 shares of the asset manager's stock valued at $2,302,000 after acquiring an additional 2,261 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in State Street by 17.3% during the third quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager's stock worth $12,124,000 after purchasing an additional 20,183 shares during the period. National Pension Service boosted its stake in shares of State Street by 10.9% in the third quarter. National Pension Service now owns 530,724 shares of the asset manager's stock valued at $46,953,000 after purchasing an additional 51,998 shares during the period. Finally, Intact Investment Management Inc. increased its stake in State Street by 8.7% during the 3rd quarter. Intact Investment Management Inc. now owns 79,560 shares of the asset manager's stock worth $7,039,000 after buying an additional 6,400 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays boosted their price target on shares of State Street from $103.00 to $108.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 16th. Bank of America boosted their target price on State Street from $85.00 to $96.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 17th. Citigroup increased their price target on State Street from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Monday, July 22nd. Wells Fargo & Company raised their price target on State Street from $98.00 to $106.00 and gave the company an "overweight" rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley raised their price objective on shares of State Street from $100.00 to $102.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $91.39.

State Street Trading Up 0.7 %

Shares of STT traded up $0.65 during mid-day trading on Tuesday, reaching $92.91. The company had a trading volume of 1,336,839 shares, compared to its average volume of 2,221,469. The stock has a market cap of $27.74 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.19 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. The firm has a fifty day simple moving average of $88.29 and a 200-day simple moving average of $80.90. State Street Co. has a fifty-two week low of $66.00 and a fifty-two week high of $94.60.

State Street (NYSE:STT - Get Free Report) last posted its earnings results 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. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the prior year, the company earned $1.93 EPS. The company's revenue was up 21.1% on a year-over-year basis. On average, sell-side analysts anticipate that State Street Co. will post 8.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, 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 legal filing with the SEC, which is available at this link. 0.31% of the stock is owned by corporate insiders.

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.