Public Sector Pension Investment Board Lowers stake in State Street Corp (STT)

State Street Corp (STT) : Public Sector Pension Investment Board reduced its stake in State Street Corp by 19.33% during the most recent quarter end. The investment management company now holds a total of 3,290,485 shares of State Street Corp which is valued at $194.9 Million after selling 788,300 shares in State Street Corp , the firm said in a disclosure report filed with the SEC on May 13, 2016.State Street Corp makes up approximately 2.29% of Public Sector Pension Investment Board’s portfolio.

Other Hedge Funds, Including , Pacer Advisors boosted its stake in STT in the latest quarter, The investment management firm added 295 additional shares and now holds a total of 7,500 shares of State Street Corp which is valued at $444,225. State Street Corp makes up approx 0.10% of Pacer Advisors’s portfolio. Trexquant Investment Lp sold out all of its stake in STT during the most recent quarter. The investment firm sold 5,100 shares of STT which is valued $302,073.First Interstate Bank boosted its stake in STT in the latest quarter, The investment management firm added 1,100 additional shares and now holds a total of 7,555 shares of State Street Corp which is valued at $447,483. State Street Corp makes up approx 0.10% of First Interstate Bank’s portfolio.Richard C. Young Ltd. boosted its stake in STT in the latest quarter, The investment management firm added 2,494 additional shares and now holds a total of 122,368 shares of State Street Corp which is valued at $7.2 Million. State Street Corp makes up approx 1.61% of Richard C. Young Ltd.’s portfolio.

State Street Corp opened for trading at $62.95 and hit $64.1 on the upside on Wednesday, eventually ending the session at $63.68, with a gain of 1.81% or 1.13 points. The heightened volatility saw the trading volume jump to 25,97,528 shares. Company has a market cap of $25,213 M.

On the company’s financial health, State Street Corp reported $0.98 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $0.90. The company had revenue of $2574.00 million for the quarter, compared to analysts expectations of $2552.69 million. The company’s revenue was down -.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.17 EPS.

Investors should note that on May 19, 2016, State Street Corp announced a cash dividend of $0.3400. The company’s management has announced Jun 29, 2016 as the ex-dividend date and fixed the record date on Jul 1, 2016. The payable date has been fixed on Jul 18, 2016.

Many Wall Street Analysts have commented on State Street Corp. Company shares were Reiterated by UBS on Apr 28, 2016 to “Neutral”, Firm has raised the Price Target to $ 65 from a previous price target of $55 .Shares were Reiterated by RBC Capital Mkts on Apr 11, 2016 to “Sector Perform” and Lowered the Price Target to $ 65 from a previous price target of $70 .State Street Corp was Downgraded by Keefe Bruyette to ” Underperform” on Mar 28, 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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