Kentucky Retirement Systems Reduces Position in State Street Co. (NYSE:STT)

Kentucky Retirement Systems decreased its position in State Street Co. (NYSE:STT) by 8.4% during the 3rd quarter, Holdings Channel reports. The firm owned 20,803 shares of the asset manager’s stock after selling 1,899 shares during the period. Kentucky Retirement Systems’ holdings in State Street were worth $1,840,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. increased its position in shares of State Street by 5.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after acquiring an additional 129 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in State Street by 9.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after purchasing an additional 148 shares during the period. Rockland Trust Co. raised its position in State Street by 1.8% during the 3rd quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock valued at $737,000 after purchasing an additional 150 shares during the last quarter. Mather Group LLC. lifted its holdings in State Street by 10.9% in the 2nd quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock worth $125,000 after buying an additional 158 shares during the period. Finally, Empirical Finance LLC grew its position in shares of State Street by 1.4% in the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock worth $997,000 after buying an additional 158 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on STT. Citigroup raised their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Evercore ISI upped their target price on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group raised their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. StockNews.com upgraded State Street from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company raised their price objective on State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $92.11.

State Street Stock Performance

STT stock opened at $95.48 on Monday. The stock has a market capitalization of $27.99 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 1.18 and a beta of 1.46. The stock’s 50 day simple moving average is $90.00 and its 200 day simple moving average is $82.26. State Street Co. has a 12-month low of $68.92 and a 12-month high of $98.45. 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 released its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same period last year, the firm posted $1.93 earnings per share. State Street’s revenue was up 21.1% compared to the same quarter last year. As a group, research analysts forecast that State Street Co. will post 8.42 earnings per share for the current fiscal year.

Insider Transactions at State Street

In related news, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction on 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 owns 55,108 shares in the company, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.31% of the company’s stock.

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.