Cornerstone Investment Partners Lowers stake in State Street Corp (STT)

State Street Corp (STT) : Cornerstone Investment Partners reduced its stake in State Street Corp by 25.58% during the most recent quarter end. The investment management company now holds a total of 1,070,788 shares of State Street Corp which is valued at $73,627,383 after selling 368,126 shares in State Street Corp , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.State Street Corp makes up approximately 3.25% of Cornerstone Investment Partners’s portfolio.

Other Hedge Funds, Including , Community Bank N.a. boosted its stake in STT in the latest quarter, The investment management firm added 19 additional shares and now holds a total of 2,334 shares of State Street Corp which is valued at $160,486. State Street Corp makes up approx 0.04% of Community Bank N.a.’s portfolio.Central Bank Trust Co reduced its stake in STT by selling 744 shares or 69.92% in the most recent quarter. The Hedge Fund company now holds 320 shares of STT which is valued at $23,123. State Street Corp makes up approx 0.01% of Central Bank Trust Co’s portfolio.Chevy Chase Trust Holdings reduced its stake in STT by selling 32,307 shares or 9.43% in the most recent quarter. The Hedge Fund company now holds 310,300 shares of STT which is valued at $22,558,810. State Street Corp makes up approx 0.12% of Chevy Chase Trust Holdings’s portfolio.

State Street Corp closed down -1.5 points or -2.09% at $70.34 with 21,09,427 shares getting traded on Tuesday. Post opening the session at $71.61, the shares hit an intraday low of $70.1 and an intraday high of $71.65 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, State Street Corp reported $1.46 EPS for the quarter, beating the analyst consensus estimate by $ 0.20 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $1.26. The company had revenue of $2573.00 million for the quarter, compared to analysts expectations of $2649.34 million. The company’s revenue was down -1.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.36 EPS.

Many Wall Street Analysts have commented on State Street Corp. State Street Corp was Upgraded by Keefe Bruyette to ” Mkt Perform” on Oct 5, 2016. Company shares were Reiterated by Deutsche Bank on Sep 9, 2016 to “Hold”, Firm has raised the Price Target to $ 73 from a previous price target of $70 .State Street Corp was Downgraded by Sandler O’Neill to ” Hold” on Sep 6, 2016.

State Street Corporation (State Street) the parent company is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company through its subsidiary State Street Bank provides financial services and products to institutional investors across the world. Its clients include mutual funds collective investment funds and other investment pools corporate and public retirement plans insurance companies foundations endowments and investment managers. It has two lines of business: Investment Servicing and Investment Management. The Investment Servicing line of business performs core custody and related value-added functions such as providing institutional investors with clearing payment and settlement services. It provides Investment Management services through State Street Global Advisors (SSGA) .SSGA provides an array of investment management investment research and investment advisory services.

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