Envestnet Asset Management Inc. Sells 11,628 Shares of State Street Corporation (STT)

Envestnet Asset Management Inc. decreased its holdings in shares of State Street Corporation (NYSE:STT) by 26.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,831 shares of the asset manager’s stock after selling 11,628 shares during the quarter. Envestnet Asset Management Inc.’s holdings in State Street were worth $3,136,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC raised its stake in shares of State Street by 18.0% in the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after acquiring an additional 172 shares during the period. Penserra Capital Management LLC purchased a new stake in shares of State Street in the second quarter valued at $107,000. Bronfman E.L. Rothschild L.P. increased its stake in State Street by 15.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after buying an additional 168 shares during the period. Eagle Asset Management Inc. purchased a new position in State Street in the 2nd quarter worth about $200,000. Finally, Sabal Trust CO purchased a new position in State Street in the 3rd quarter worth about $201,000. 88.10% of the stock is currently owned by institutional investors.

In other news, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $92.00, for a total value of $32,568.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total transaction of $2,315,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,724 shares of company stock worth $2,659,741. 0.71% of the stock is owned by company insiders.

Several research firms recently commented on STT. Zacks Investment Research downgraded shares of State Street from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Citigroup reaffirmed a “neutral” rating and issued a $102.00 price target (up previously from $88.00) on shares of State Street in a research note on Monday, October 9th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a research note on Tuesday. Morgan Stanley raised their price target on shares of State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 24th. Finally, Royal Bank of Canada reduced their price target on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $97.60.

Shares of State Street Corporation (NYSE:STT) traded up $0.77 during trading on Wednesday, reaching $98.18. 1,248,700 shares of the company’s stock traded hands, compared to its average volume of 1,958,088. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street Corporation has a one year low of $74.45 and a one year high of $99.99. The company has a market cap of $36,123.20, a PE ratio of 16.05, a price-to-earnings-growth ratio of 1.66 and a beta of 1.35.

State Street (NYSE:STT) last issued its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.10. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same period in the prior year, the business earned $1.35 EPS. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. research analysts predict that State Street Corporation will post 6.25 earnings per share for the current year.

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State Street Company Profile

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

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

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