Westpac Banking Corp Has $2.88 Million Stock Position in State Street Co. (NYSE:STT)

Westpac Banking Corp cut its stake in shares of State Street Co. (NYSE:STT) by 45.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 39,349 shares of the asset manager’s stock after selling 32,512 shares during the period. Westpac Banking Corp’s holdings in State Street were worth $2,880,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Raymond James Trust N.A. raised its position in State Street by 29.3% during the first quarter. Raymond James Trust N.A. now owns 4,505 shares of the asset manager’s stock worth $392,000 after acquiring an additional 1,021 shares in the last quarter. Blair William & Co. IL lifted its stake in State Street by 14.3% in the 1st quarter. Blair William & Co. IL now owns 17,756 shares of the asset manager’s stock valued at $1,547,000 after purchasing an additional 2,216 shares during the last quarter. Sei Investments Co. lifted its stake in State Street by 3.8% in the 1st quarter. Sei Investments Co. now owns 280,353 shares of the asset manager’s stock valued at $24,436,000 after purchasing an additional 10,187 shares during the last quarter. Prudential PLC acquired a new position in State Street during the first quarter worth approximately $812,000. Finally, Cetera Investment Advisers raised its stake in State Street by 16.5% in the first quarter. Cetera Investment Advisers now owns 23,170 shares of the asset manager’s stock valued at $2,019,000 after buying an additional 3,276 shares during the period. 89.62% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Eric W. Aboaf sold 11,886 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $67.13, for a total transaction of $797,907.18. Following the completion of the sale, the chief financial officer now owns 145,974 shares of the company’s stock, valued at approximately $9,799,234.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

State Street Price Performance

NYSE:STT traded down $0.52 during trading hours on Thursday, reaching $69.21. 258,037 shares of the company were exchanged, compared to its average volume of 2,636,362. The business has a 50 day moving average of $67.04 and a 200 day moving average of $69.46. State Street Co. has a 1-year low of $62.78 and a 1-year high of $94.74. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.51 and a quick ratio of 0.51. The company has a market capitalization of $21.36 billion, a P/E ratio of 10.18, a P/E/G ratio of 1.76 and a beta of 1.53.

State Street (NYSE:STT) last released its earnings results on Wednesday, October 18th. The asset manager reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.54). The company had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.92 billion. State Street had a return on equity of 12.19% and a net margin of 14.07%. The business’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same period last year, the company posted $1.82 earnings per share. Research analysts forecast that State Street Co. will post 7.41 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on STT. Deutsche Bank Aktiengesellschaft reduced their target price on State Street from $66.00 to $65.00 in a research note on Wednesday, October 11th. StockNews.com assumed coverage on shares of State Street in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $75.00 target price on shares of State Street in a research note on Tuesday, September 12th. Finally, Morgan Stanley decreased their price target on shares of State Street from $79.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $75.50.

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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; 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.