Gabelli Funds LLC Cuts Stock Holdings in State Street Co. (NYSE:STT)

Gabelli Funds LLC cut its stake in shares of State Street Co. (NYSE:STT) by 3.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 560,480 shares of the asset manager’s stock after selling 20,250 shares during the period. Gabelli Funds LLC owned about 0.18% of State Street worth $41,016,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Texas Permanent School Fund Corp increased its holdings in State Street by 8.1% in the 2nd quarter. Texas Permanent School Fund Corp now owns 78,667 shares of the asset manager’s stock valued at $5,757,000 after acquiring an additional 5,902 shares during the last quarter. MAI Capital Management raised its stake in shares of State Street by 24.9% in the first quarter. MAI Capital Management now owns 12,892 shares of the asset manager’s stock valued at $976,000 after acquiring an additional 2,568 shares during the period. Integrated Advisors Network LLC purchased a new position in shares of State Street during the 1st quarter worth about $248,000. Legacy Capital Wealth Partners LLC bought a new position in State Street during the 1st quarter valued at about $560,000. Finally, Nordea Investment Management AB raised its position in State Street by 9.1% in the 2nd quarter. Nordea Investment Management AB now owns 1,678,894 shares of the asset manager’s stock worth $122,845,000 after purchasing an additional 139,556 shares during the period. 89.62% of the stock is currently owned by institutional investors.

State Street Stock Up 1.3 %

NYSE:STT traded up $0.90 during mid-day trading on Friday, hitting $70.19. 1,536,827 shares of the company’s stock traded hands, compared to its average volume of 1,708,720. The company has a fifty day moving average of $67.03 and a 200 day moving average of $69.45. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.51 and a current ratio of 0.51. State Street Co. has a twelve month low of $62.78 and a twelve month high of $94.74. The company has a market capitalization of $21.66 billion, a P/E ratio of 10.25, a P/E/G ratio of 1.79 and a beta of 1.53.

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

Insider Transactions at State Street

In related news, CFO Eric W. Aboaf sold 11,886 shares of the company’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $67.13, for a total value of $797,907.18. Following the transaction, the chief financial officer now directly owns 145,974 shares of the company’s stock, valued at approximately $9,799,234.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

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

About State Street

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.