Oppenheimer & Co. Inc. Cuts Stock Holdings in State Street Corp (NYSE:STT)
Oppenheimer & Co. Inc. trimmed its position in shares of State Street Corp (NYSE:STT) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,417 shares of the asset manager’s stock after selling 250 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in State Street were worth $248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently bought and sold shares of STT. CIBC World Markets Inc. boosted its holdings in shares of State Street by 58.5% in the 1st quarter. CIBC World Markets Inc. now owns 16,699 shares of the asset manager’s stock worth $1,099,000 after buying an additional 6,165 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of State Street by 25.7% in the 2nd quarter. First Trust Advisors LP now owns 547,096 shares of the asset manager’s stock worth $30,670,000 after buying an additional 111,924 shares during the last quarter. Arizona State Retirement System lifted its holdings in State Street by 9.8% during the second quarter. Arizona State Retirement System now owns 106,707 shares of the asset manager’s stock valued at $5,982,000 after purchasing an additional 9,524 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in State Street during the second quarter valued at about $877,000. Finally, Rothschild & Co. Asset Management US Inc. lifted its holdings in State Street by 0.6% during the first quarter. Rothschild & Co. Asset Management US Inc. now owns 804,362 shares of the asset manager’s stock valued at $52,935,000 after purchasing an additional 4,529 shares during the last quarter. 89.89% of the stock is currently owned by hedge funds and other institutional investors.
Shares of STT traded up $0.76 during midday trading on Friday, hitting $61.03. 99,761 shares of the company traded hands, compared to its average volume of 2,969,078. The stock has a 50-day moving average of $53.28 and a 200-day moving average of $60.59. State Street Corp has a one year low of $48.62 and a one year high of $90.20. The firm has a market cap of $22.46 billion, a P/E ratio of 8.45, a PEG ratio of 0.96 and a beta of 1.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.48 and a quick ratio of 0.48.
Several research firms have commented on STT. Deutsche Bank dropped their price objective on shares of State Street from $55.00 to $53.00 and set a “hold” rating on the stock in a report on Wednesday, August 21st. Bank of America reaffirmed a “buy” rating and set a $65.00 price objective (down from $75.00) on shares of State Street in a report on Thursday, June 6th. Wells Fargo & Co set a $55.00 price objective on shares of State Street and gave the company a “hold” rating in a report on Friday, August 16th. Royal Bank of Canada dropped their price objective on shares of State Street from $80.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, June 19th. Finally, UBS Group upped their price objective on shares of State Street from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. State Street presently has a consensus rating of “Hold” and an average target price of $67.75.
In related news, Director Saint-Aignan Patrick De acquired 500 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were bought at an average cost of $58.85 per share, for a total transaction of $29,425.00. Following the completion of the transaction, the director now owns 28,793 shares in the company, valued at $1,694,468.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hanley Ronald P. O acquired 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was bought at an average price of $50.43 per share, for a total transaction of $353,010.00. Following the completion of the transaction, the chief executive officer now owns 127,235 shares of the company’s stock, valued at approximately $6,416,461.05. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 11,000 shares of company stock worth $577,375. Company insiders own 0.40% of the company’s stock.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; 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.
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