The Manufacturers Life Insurance Company Sells 23,188 Shares of State Street Co. (NYSE:STT)

The Manufacturers Life Insurance Company reduced its holdings in shares of State Street Co. (NYSE:STT) by 2.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,086,431 shares of the asset manager’s stock after selling 23,188 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in State Street were worth $96,117,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. LRI Investments LLC bought a new position in shares of State Street during the 1st quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of State Street during the 2nd quarter worth approximately $27,000. Coastline Trust Co bought a new position in shares of State Street during the 3rd quarter worth approximately $44,000. Versant Capital Management Inc grew its stake in shares of State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after acquiring an additional 416 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of State Street in the third quarter valued at $54,000. 87.44% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

STT has been the subject of several analyst reports. Evercore ISI raised their target price on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their target price on shares of State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group raised their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Deutsche Bank Aktiengesellschaft raised their target price on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Finally, StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $92.11.

Insider Transactions at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Plansky sold 13,859 shares of State Street stock in a transaction 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 sale, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,460 shares of company stock valued at $2,499,860. 0.31% of the stock is currently owned by corporate insiders.

State Street Trading Down 0.0 %

STT stock opened at $98.79 on Thursday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The company has a fifty day moving average price of $92.03 and a two-hundred day moving average price of $83.43. State Street Co. has a one year low of $69.58 and a one year high of $99.50. The stock has a market cap of $28.96 billion, a price-to-earnings ratio of 15.61, a price-to-earnings-growth ratio of 1.22 and a beta of 1.46.

State Street (NYSE:STT) last posted its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the firm earned $1.93 earnings per share. The company’s revenue was up 21.1% on a year-over-year basis. Equities analysts anticipate that State Street Co. will post 8.42 EPS for the current year.

State Street Company 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.