590,550 State Street Corporation $STT Shares Sold by Metropolis Capital Ltd

Metropolis Capital Ltd decreased its holdings in shares of State Street Corporation (NYSE:STT) by 43.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 784,340 shares of the asset manager’s stock after selling 590,550 shares during the period. State Street comprises approximately 3.8% of Metropolis Capital Ltd’s portfolio, making the stock its 10th biggest holding. Metropolis Capital Ltd’s holdings in State Street were worth $136,938,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in STT. Genesee Capital Advisors LLC lifted its stake in State Street by 1.2% during the third quarter. Genesee Capital Advisors LLC now owns 5,601 shares of the asset manager’s stock valued at $978,000 after purchasing an additional 68 shares during the last quarter. Focused Alpha LLC boosted its holdings in State Street by 2.9% during the third quarter. Focused Alpha LLC now owns 4,981 shares of the asset manager’s stock worth $870,000 after buying an additional 142 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in State Street by 2.2% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,846 shares of the asset manager’s stock worth $6,957,000 after buying an additional 863 shares in the last quarter. CWA Asset Management Group LLC grew its position in State Street by 9.9% in the third quarter. CWA Asset Management Group LLC now owns 29,639 shares of the asset manager’s stock worth $5,175,000 after buying an additional 2,661 shares during the last quarter. Finally, Novem Group acquired a new position in State Street in the third quarter worth approximately $205,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on STT shares. Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a report on Friday, September 18th. Citigroup reduced their price objective on State Street from $212.00 to $190.00 and set a “buy” rating for the company in a research note on Friday. Keefe, Bruyette & Woods lifted their target price on State Street from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, October 15th. Morgan Stanley boosted their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Finally, Bank of America upped their target price on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $189.74.

State Street Stock Up 0.8%

Shares of NYSE:STT traded up $1.34 during midday trading on Tuesday, hitting $166.78. 535,816 shares of the stock were exchanged, compared to its average volume of 2,134,427. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.59 and a current ratio of 0.57. State Street Corporation has a 52-week low of $111.63 and a 52-week high of $195.93. The business’s fifty day simple moving average is $183.79 and its two-hundred day simple moving average is $170.17. The company has a market capitalization of $45.81 billion, a PE ratio of 13.61, a P/E/G ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last posted its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.68 by $0.01. State Street had a net margin of 15.81% and a return on equity of 16.36%. The firm had revenue of $4 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the company earned $2.78 earnings per share. The company’s revenue was up 12.9% compared to the same quarter last year. As a group, research analysts predict that State Street Corporation will post 13.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other State Street news, EVP W. Hu sold 9,758 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by company insiders.

State Street Company Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.