Oppenheimer Asset Management Inc. Sells 389 Shares of State Street Corp (NYSE:STT)

Oppenheimer Asset Management Inc. reduced its stake in shares of State Street Corp (NYSE:STT) by 34.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 734 shares of the asset manager’s stock after selling 389 shares during the period. Oppenheimer Asset Management Inc.’s holdings in State Street were worth $41,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of STT. BlackRock Inc. increased its holdings in State Street by 3.6% during the 1st quarter. BlackRock Inc. now owns 28,060,332 shares of the asset manager’s stock worth $1,846,653,000 after purchasing an additional 985,011 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of State Street by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 4,748,395 shares of the asset manager’s stock worth $298,936,000 after buying an additional 600,360 shares during the last quarter. Kiltearn Partners LLP boosted its stake in shares of State Street by 40.6% in the 2nd quarter. Kiltearn Partners LLP now owns 1,489,500 shares of the asset manager’s stock worth $83,501,000 after buying an additional 429,900 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of State Street by 177.5% in the 1st quarter. First Trust Advisors LP now owns 435,172 shares of the asset manager’s stock worth $28,639,000 after buying an additional 278,352 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of State Street by 28.9% in the 2nd quarter. Van ECK Associates Corp now owns 999,064 shares of the asset manager’s stock worth $56,008,000 after buying an additional 223,803 shares during the last quarter. 89.89% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts have recently weighed in on the company. Bank of America restated a “buy” rating and issued a $65.00 target price (down previously from $75.00) on shares of State Street in a research note on Thursday, June 6th. Morgan Stanley downgraded State Street from an “overweight” rating to an “underweight” rating and cut their target price for the stock from $69.00 to $55.00 in a research note on Monday, July 8th. ValuEngine downgraded State Street from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. UBS Group boosted their target price on State Street from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Finally, Raymond James boosted their target price on State Street from $68.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 22nd. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. State Street currently has an average rating of “Hold” and a consensus price target of $67.75.



In related news, CEO Hanley Ronald P. O bought 7,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were purchased at an average price of $50.43 per share, for a total transaction of $353,010.00. Following the completion of the transaction, the chief executive officer now directly owns 127,235 shares in the company, valued at approximately $6,416,461.05. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jeffrey N. Carp sold 25,000 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $51.72, for a total value of $1,293,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 11,000 shares of company stock worth $577,375. Company insiders own 0.40% of the company’s stock.

State Street stock traded up $0.88 during trading on Friday, hitting $61.15. The stock had a trading volume of 2,303,207 shares, compared to its average volume of 3,039,789. State Street Corp has a 1 year low of $48.62 and a 1 year high of $90.20. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.52. The stock’s 50 day moving average is $53.31 and its two-hundred day moving average is $60.53. The stock has a market cap of $22.46 billion, a price-to-earnings ratio of 8.47, a price-to-earnings-growth ratio of 0.99 and a beta of 1.47.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, beating the consensus estimate of $1.40 by $0.05. State Street had a return on equity of 12.13% and a net margin of 17.66%. The business had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the prior year, the business earned $2.05 earnings per share. State Street’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities research analysts anticipate that State Street Corp will post 5.72 EPS 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. 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.

Further Reading: Growth Stocks

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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