Ownership Action to Note: State Street Corp Sentiment Worsening on Low Stock Potential

November 25, 2016 - By Darrin Black   ·   0 Comments

Ownership Action to Note: State Street Corp Sentiment Worsening on Low Stock Potential

Sentiment for State Street Corp (NYSE:STT)

State Street Corp (NYSE:STT) institutional sentiment decreased to 0.77 in 2016 Q2. Its down -0.15, from 0.92 in 2016Q1. The ratio worsened, as 265 hedge funds started new or increased equity positions, while 289 cut down and sold their stakes in State Street Corp. The hedge funds in our partner’s database now hold: 328.46 million shares, down from 332.10 million shares in 2016Q1. Also, the number of hedge funds holding State Street Corp in their top 10 equity positions decreased from 9 to 6 for a decrease of 3. Sold All: 39 Reduced: 250 Increased: 194 New Position: 71.

State Street Corporation, the parent company, is a financial holding company. The company has a market cap of $30.26 billion. The parent firm provides financial and managerial support to its legal and operating subsidiaries. It has a 16.09 P/E ratio. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.

State Street Corp (NYSE:STT) has risen 26.48% since April 22, 2016 and is uptrending. It has outperformed by 21.07% the S&P500.

Analysts await State Street Corp (NYSE:STT) to report earnings on January, 25. They expect $1.34 EPS, up 10.74% or $0.13 from last year’s $1.21 per share. STT’s profit will be $518.59 million for 14.59 P/E if the $1.34 EPS becomes a reality. After $1.35 actual EPS reported by State Street Corp for the previous quarter, Wall Street now forecasts -0.74% negative EPS growth.

According to Zacks Investment Research, “State Street Corporation is the world’s leading specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. Customers include mutual funds and other collective investment funds, corporate and public pension funds, corporations, unions and not-for-profit organizations in and outside of the United States.”

Davis Capital Partners Llc holds 5.79% of its portfolio in State Street Corp for 620,000 shares. Cabot owns 65,824 shares or 3.9% of their US portfolio. Moreover, Vulcan Value Partners Llc has 3.88% invested in the company for 7.32 million shares. The Delaware-based Cortland Advisers Llc has invested 3.67% in the stock. Crestwood Advisors Llc, a Massachusetts-based fund reported 546,311 shares.#img1#

Insider Transactions: Since January 1, 0001, the stock had 0 insider buys, and 10 insider sales for $7.32 million net activity.

State Street Corp (NYSE:STT) Ratings Coverage

Ratings analysis reveals 27% of State Street Corporation’s analysts are positive. Out of 11 Wall Street analysts rating State Street Corporation, 3 give it “Buy”, 1 “Sell” rating, while 7 recommend “Hold”. The lowest target is $52 while the high is $88. The stock’s average target of $74 is -5.36% below today’s ($78.19) share price. STT was included in 32 notes of analysts from July 28, 2015. Barclays Capital maintained State Street Corp (NYSE:STT) on Wednesday, January 13 with “Overweight” rating. Morgan Stanley upgraded the stock to “Equal-Weight” rating in Monday, November 14 report. The stock of State Street Corp (NYSE:STT) earned “Underperform” rating by Wood on Monday, March 28. Deutsche Bank maintained the shares of STT in a report on Friday, May 27 with “Hold” rating. Barclays Capital maintained the shares of STT in a report on Friday, October 9 with “Overweight” rating. On Thursday, March 17 the stock rating was maintained by Deutsche Bank with “Hold”. On Sunday, August 9 the stock rating was maintained by Standpoint Research with “Hold”. The firm has “Hold” rating given on Tuesday, September 6 by Sandler O’Neill. The stock of State Street Corp (NYSE:STT) earned “Mkt Perform” rating by Keefe Bruyette & Woods on Wednesday, October 5. Credit Suisse maintained State Street Corp (NYSE:STT) on Tuesday, April 5 with “Neutral” rating.

STT Company Profile

State Street Corporation, incorporated on October 16, 1969, the parent company, is a financial holding company. The parent firm provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world. The Company’s clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers. The Firm has approximately two lines of businesses: Investment Servicing and Investment Management.

More recent State Street Corp (NYSE:STT) news were published by: Nasdaq.com which released: “Agree To Buy State Street Corp. At $55, Earn 6.2% Using Options” on November 23, 2016. Also Bizjournals.com published the news titled: “State Street subleasing chunk of namesake tower in Boston” on November 23, 2016. Businesswire.com‘s news article titled: “State Street’s GX Private Equity Index Ends Second Quarter with Gains, Despite …” with publication date: November 21, 2016 was also an interesting one.

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By Darrin Black

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